Chicago, Nov. 30 – Palmer Square Capital Management LLC priced $497.74 million of notes in a collateralized loan obligation being issued by Palmer Square CLO 2023-3 Ltd./Palmer Square CLO 2023-3 LLC, according to a presale report.
The notes will mature on Jan. 20, 2037.
The CLO consists of $300 million of class A-1 senior secured floating-rate notes at SOFR plus 174 basis points, $25 million of class A-2 senior secured floating-rate notes at SOFR plus 200 bps, $55 million of class B senior secured floating-rate notes at SOFR plus 245 bps, $30 million of class C senior secured deferrable floating-rate notes at SOFR plus 290 bps, $30 million of class D senior secured deferrable floating-rate notes at SOFR plus 470 bps, $17.5 million of class E senior secured deferrable floating-rate notes at SOFR plus 783 bps and $40.24 million of subordinated notes.
Palmer Square Capital Management LLC will manage the collateral through the end of the reinvestment period on Jan. 20, 2029.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting Jan. 20, 2026.
Wells Fargo Securities LLC was the placement agent.
Palmer Square Capital is an investment management firm based in Leawood, Kan.
| Issuer: | Palmer Square CLO 2023-3 Ltd./Palmer Square CLO 2023-3 LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $497.735 million
|
| Maturity: | Jan. 20, 2037
|
| Structure: | Cash flow CLO
|
| Placement agent: | Wells Fargo Securities LLC
|
| Manager: | Palmer Square Capital Management LLC
|
| Call feature: | Jan. 20, 2026
|
| Pricing date: | Nov. 22
|
| Settlement date: | Dec. 13
|
|
|
| Class A-1 notes
|
| Amount: | $300 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 174 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $25 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 200 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $55 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 245 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 290 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 470 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $17.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 783 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $40,235,000
|
| Securities: | Subordinated notes
|
|
|
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