Chicago, Jan. 29 – CQS (US) LLC sold $404.6 million in a collateralized loan obligation being issued by CQS US CLO 2023-3 Ltd./CQS US CLO 2023-3 LLC, according to a presale report.
The notes will mature on Jan. 25, 2037.
The CLO consists of $240 million of class A-1 senior secured floating-rate notes at SOFR plus 189 basis points, $16 million of class A-J senior secured floating-rate notes at SOFR plus 215 bps, $48 million of class B senior secured floating-rate notes at SOFR plus 265 bps, $24 million of class C senior secured deferrable floating-rate notes at SOFR plus 340 bps, $23 million of class D senior secured deferrable floating-rate notes at SOFR plus 420 bps, $13 million of class E senior secured deferrable floating-rate notes at SOFR plus 848 bps and $40.6 million of subordinated notes.
CQS (US) LLC will manage the collateral through the end of the reinvestment period on Jan. 25, 2029.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting Jan. 25, 2026.
Jefferies LLC was the placement agent.
The CLO manager is a subsidiary of CQS, a London-based asset manager.
| Issuer: | CQS US CLO 2023-3 Ltd./CQS US CLO 2023-3 LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $404.6 million
|
| Maturity: | Jan. 25, 2037
|
| Structure: | Cash flow CLO
|
| Placement agent: | Jefferies LLC
|
| Manager: | CQS (US) LLC
|
| Call feature: | Jan. 25, 2026
|
| Pricing date: | Jan. 24
|
| Settlement date: | Jan. 30
|
|
|
| Class A-1 notes
|
| Amount: | $240 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 189 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-J notes
|
| Amount: | $16 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 215 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $48 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 265 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 340 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $23 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 420 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $13 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 848 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $40.6 million
|
| Securities: | Subordinated notes
|
|
|
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