Chicago, March 8 – Atlantic Avenue Management LP priced $405.85 million of notes in a collateralized loan obligation being issued by Atlantic Avenue 2024-2 Ltd./Atlantic Avenue 2024-2 LLC, according to a presale report.
The notes will mature on April 20, 2037.
The CLO consists of $241 million of class A senior secured floating-rate notes at SOFR plus 165 basis points, $15 million of class A-F 5.63% senior secured fixed-rate notes, $48 million of class B senior secured floating-rate notes at SOFR plus 220 bps, $24 million of class C senior secured deferrable floating-rate notes at SOFR plus 310 bps, $24 million of class D senior secured deferrable floating-rate notes at SOFR plus 475 bps, $13 million of class E senior secured deferrable floating-rate notes at SOFR plus 782 bps, $3 million of class F senior secured deferrable floating-rate notes at SOFR plus 890 bps, $ million of class senior secured floating-rate notes at SOFR plus bps and $37.85 million of subordinated notes.
Atlantic Avenue Management LP will manage the collateral through the end of the reinvestment period on April 20, 2029.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting March 28, 2026.
RBC Capital Markets LLC was the placement agent.
The firm is based in Stamford, Conn.
Issuer: | Atlantic Avenue 2024-2 Ltd./Atlantic Avenue 2024-2 LLC
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Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
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Amount: | $405.85 million
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Maturity: | April 20, 2037
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Structure: | Cash flow CLO
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Placement agent: | RBC Capital Markets LLC
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Manager: | Atlantic Avenue Management LP
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Call feature: | March 28, 2026
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Pricing date: | Feb. 28
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Settlement date: | March 28
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Class A notes
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Amount: | $241 million
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Securities: | Senior secured floating-rate notes
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Coupon: | SOFR plus 165 bps
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Rating: | S&P: AAA
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Class A-F notes
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Amount: | $15 million
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Securities: | Senior secured fixed-rate notes
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Coupon: | 5.63%
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Rating: | S&P: AAA
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Class B notes
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Amount: | $48 million
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Securities: | Senior secured floating-rate notes
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Coupon: | SOFR plus 220 bps
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Rating: | S&P: AA
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Class C notes
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Amount: | $24 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | SOFR plus 310 bps
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Rating: | S&P: A
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Class D notes
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Amount: | $24 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | SOFR plus 475 bps
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Rating: | S&P: BBB-
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Class E notes
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Amount: | $13 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | SOFR plus 782 bps
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Rating: | S&P: BB-
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Class F notes
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Amount: | $3 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | SOFR plus 890 bps
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Rating: | S&P: B-
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Subordinated notes
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Amount: | $37.85 million
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Securities: | Subordinated notes
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