Chicago, March 13 – Palmer Square Capital Management LLC priced $554.8 million of notes in a collateralized loan obligation being issued by Palmer Square CLO 2024-1 Ltd./Palmer Square CLO 2024-1 LLC, according to a presale report.
The notes will mature on April 15, 2037.
The CLO consists of $352 million of class A senior secured floating-rate notes at SOFR plus 150 basis points, $66 million of class B senior secured floating-rate notes at SOFR plus 200 bps, $33 million of class C senior secured deferrable floating-rate notes at SOFR plus 230 bps, $33 million of class D senior secured deferrable floating-rate notes at SOFR plus 340 bps, $22 million of class E senior secured deferrable floating-rate notes at SOFR plus 625 bps and $48.8 million of subordinated notes.
Palmer Square Capital Management LLC will manage the collateral through the end of the reinvestment period on April 15, 2029.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting March 15, 2026.
J.P. Morgan Securities LLC was the placement agent.
Palmer Square Capital is an investment management firm based in Leawood, Kan.
| Issuer: | Palmer Square CLO 2024-1 Ltd./Palmer Square CLO 2024-1 LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $554.8 million
|
| Maturity: | April 15, 2037
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities LLC
|
| Manager: | Palmer Square Capital Management LLC
|
| Call feature: | March 15, 2026
|
| Pricing date: | March 6
|
| Settlement date: | March 15
|
|
|
| Class A notes
|
| Amount: | $352 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 150 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $66 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 200 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $33 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 230 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $33 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 340 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $22 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 625 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $48.8 million
|
| Securities: | Subordinated notes
|
|
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