Chicago, Sept. 25 – Atlantic Avenue Management LP sold a $401.12 million debut collateralized loan obligation being issued by Atlantic Avenue 2023-1 Ltd./Atlantic Avenue 2023-1 LLC, according to a presale report.
The notes will mature on Oct. 20, 2036.
The CLO consists of $244 million of class A senior secured floating-rate notes at SOFR plus 210 basis points, $60 million of class B senior secured floating-rate notes at SOFR plus 280 bps, $24 million of class C senior secured deferrable floating-rate notes at SOFR plus 365 bps, $12 million of class D1 senior secured deferrable floating-rate notes at SOFR plus 560 bps, $10 million of class D2 9.41% senior secured deferrable fixed-rate notes, $12.6 million of class E senior secured deferrable floating-rate notes at SOFR plus 846 bps and $38.52 million of subordinated notes.
Atlantic Avenue Management LP will manage the collateral through the end of the reinvestment period on Oct. 20, 2028.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting Oct. 12, 2025.
J.P. Morgan Securities LLC was the placement agent.
The firm is based in Stamford, Conn.
| Issuer: | Atlantic Avenue 2023-1 Ltd./Atlantic Avenue 2023-1 LLC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $401.12 million
|
| Maturity: | Oct. 20, 2036
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities LLC
|
| Manager: | Atlantic Avenue Management LP
|
| Call feature: | Oct. 12, 2025
|
| Pricing date: | Sept. 20
|
| Settlement date: | Oct. 20, 2036
|
|
|
| Class A notes
|
| Amount: | $244 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 210 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $60 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 280 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 365 bps
|
| Rating: | S&P: A
|
|
|
| Class D1 notes
|
| Amount: | $12 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 560 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class D2 notes
|
| Amount: | $10 million
|
| Securities: | Senior secured deferrable fixed-rate notes
|
| Coupon: | 9.41%
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $12.6 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 846 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $38.52 million
|
| Securities: | Subordinated notes
|
|
|
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