Chicago, Sept. 27 – Palmer Square Capital Management LLC priced $500 million of notes in a collateralized loan obligation being issued by Palmer Square CLO 2023-4 Ltd./Palmer Square CLO 2023-4 LLC, according to a presale report.
The notes will mature on Oct. 20, 2033.
The CLO consists of $330 million of class A senior secured floating-rate notes at SOFR plus 155 basis points, $50 million of class B senior secured floating-rate notes at SOFR plus 215 bps, $35 million of class C senior secured deferrable floating-rate notes at SOFR plus 260 bps, $30 million of class D senior secured deferrable floating-rate notes at SOFR plus 425 bps, $12.5 million of class E senior secured deferrable floating-rate notes at SOFR plus 675 bps and $42.5 million of subordinated notes.
Palmer Square Capital Management LLC will manage the collateral through the end of the reinvestment period on Oct. 20, 2024.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting Oct. 20, 2024.
BofA Securities Inc. was the placement agent.
Palmer Square Capital is an investment management firm based in Leawood, Kan.
| Issuer: | Palmer Square CLO 2023-4 Ltd./Palmer Square CLO 2023-4 LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $500 million
|
| Maturity: | Oct. 20, 2033
|
| Structure: | Cash flow CLO
|
| Placement agent: | BofA Securities Inc.
|
| Manager: | Palmer Square Capital Management LLC
|
| Call feature: | Oct. 20, 2024
|
| Pricing date: | Sept. 27
|
| Settlement date: | Oct. 11
|
|
|
| Class A notes
|
| Amount: | $330 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 155 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $50 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 215 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $35 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 260 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 425 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $12.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 675 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $42.5 million
|
| Securities: | Subordinated notes
|
|
|
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