Chicago, Jan. 8 – Palmer Square Europe Capital Management LLC sold €413.9 million of notes in a collateralized loan obligation issued by Palmer Square European CLO 2023-2 DAC, according to an offering document.
The notes will mature on Oct. 15, 2036.
The CLO consists of €248 million of class A senior secured floating-rate notes at Euribor plus 170 basis points, €29.5 million of class B-1 senior secured floating-rate notes at Euribor plus 240 bps, €14.5 million of class B-2 6.7% senior secured fixed-rate notes, €24 million of class C senior secured deferrable floating-rate notes at Euribor plus 310 bps, €24 million of class D senior secured deferrable floating-rate notes at Euribor plus 525 bps, €18 million of class E senior secured deferrable floating-rate notes at Euribor plus 765 bps, €13 million of class F senior secured deferrable floating-rate notes at Euribor plus 950 bps and €42.9 million of subordinated notes.
Palmer Square Europe Capital Management LLC will manage the collateral through the end of the reinvestment period on July 15, 2028.
Collateral for the notes consists of senior obligations, mezzanine obligations and high-yield bonds.
The notes can be called starting Nov. 15, 2025.
Barclays was the placement agent.
Palmer Square Europe is a London-based affiliate of Palmer Square Capital, an investment management firm based in Leawood, Kan.
| Issuer: | Palmer Square European CLO 2023-2 DAC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | €413.9 million
|
| Maturity: | Oct. 15, 2036
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays Bank plc
|
| Manager: | Palmer Square Europe Capital Management LLC
|
| Call feature: | Nov. 15, 2025
|
| Pricing date: | Nov. 6, 2023
|
| Settlement date: | Nov. 7, 2023
|
|
|
| Class A notes
|
| Amount: | €248 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 170 bps
|
| Rating: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | €29.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 240 bps
|
| Rating: | S&P: AA
|
| Fitch: AA
|
|
|
| Class B-2 notes
|
| Amount: | €14.5 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 6.7%
|
| Rating: | S&P: AA
|
| Fitch: AA
|
|
|
| Class C notes
|
| Amount: | €24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 310 bps
|
| Rating: | S&P: A
|
| Fitch: A
|
|
|
| Class D notes
|
| Amount: | €24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 525 bps
|
| Rating: | S&P: BBB-
|
| Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | €18 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 765 bps
|
| Rating: | S&P: BB-
|
| Fitch: BB-
|
|
|
| Class F notes
|
| Amount: | €13 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 950 bps
|
| Rating: | S&P: B-
|
| Fitch: B-
|
|
|
| Subordinated notes
|
| Amount: | €42.9 million
|
| Securities: | Subordinated notes
|
|
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