Chicago, March 22 – Invesco CLO Equity Fund 3 LP refinanced for $522.5 million the collateralized loan obligation issued by Invesco U.S. CLO 2024-1 Ltd./Invesco U.S. CLO 2024-1 LLC, according to a presale report.
The notes will mature on April 15, 2037.
The refinanced CLO consists of $320 million of class A-R senior secured floating-rate notes at SOFR plus 155 basis points, $60 million of class B-R senior secured floating-rate notes at SOFR plus 210 bps, $30 million of class C-R senior secured deferrable floating-rate notes at SOFR plus 255 bps, $25 million of class D-1-R senior secured deferrable floating-rate notes at SOFR plus 375 bps, $10 million of class D-2-R senior secured deferrable floating-rate notes at SOFR plus 550 bps, $12.5 million of class E-R senior secured deferrable floating-rate notes at SOFR plus 740 bps and $65 million of subordinated notes.
Invesco CLO Equity Fund 3 LP 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 21, 2026.
J.P. Morgan Securities LLC was the placement agent.
The transaction refinances and extends the CLO formerly known as Lucali CLO Ltd.
In the refinancing, the deal size is being upsized to approximately $500 million from $400 million, including a $15 million increase in the subordinated notes.
The manager is a New York-based investment firm and is a subsidiary of Invesco Senior Secured Management Inc.
| Issuer: | Invesco U.S. CLO 2024-1 Ltd./Invesco U.S. CLO 2024-1 LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $522.5 million
|
| Maturity: | April 15, 2037
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities LLC
|
| Manager: | Invesco CLO Equity Fund 3 LP
|
| Call feature: | March 21, 2026
|
| Pricing date: | March 19
|
| Settlement date: | March 21
|
|
|
| Class A-R notes
|
| Amount: | $320 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 155 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-R notes
|
| Amount: | $60 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 210 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
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| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 255 bps
|
| Rating: | S&P: A
|
|
|
| Class D-1-R notes
|
| Amount: | $25 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 375 bps
|
| Rating: | S&P: BBB
|
|
|
| Class D-2-R notes
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| Amount: | $10 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 550 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R notes
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| Amount: | $12.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 740 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $65 million
|
| Securities: | Subordinated notes
|
|
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