Chicago, April 26 – PPM Loan Management Co., LLC refinanced three classes of notes for $85.6 million from the PPM CLO 2, Ltd. collateralized loan obligation transaction, according to a notice.
The refinancing includes $47.2 million of class B-R floating-rate notes at Libor plus 175 basis points, $16.4 million of class C-R deferrable floating-rate notes at Libor plus 220 bps and $22 million of class D-R deferrable floating-rate notes at Libor plus 340 bps.
Initially, the B classes, the C class and the D class were the $35.2 million of class B-1 floating-rate notes at Libor plus 215 bps, $12 million of 4.849% class B-2 fixed-rate notes, $16.4 million of class C floating-rate notes at Libor plus 300 bps and $22 million of class D floating-rate notes at Libor plus 400 bps.
The notes continue to retain the April 16, 2032 maturity date.
PPM will continue to manage the collateral during the remaining reinvestment period which ends in 2024.
The non-call period has been extended as part of the refinancing.
The CLO manager is based in Chicago.
| Issuer: | PPM CLO 2, Ltd.
|
| Issue: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Amount: | $85.6 million
|
| Maturity: | April 16, 2032
|
| Manager: | PPM Loan Management Co., LLC
|
| Announcement date: | April 16
|
|
|
| Class B-R notes
|
| Amount: | $47.2 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Rating: | Moody's: Aa2
|
|
|
| Class C-R notes
|
| Amount: | $16.4 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 220 bps
|
| Rating: | Moody's: A2
|
|
|
| Class D-R notes
|
| Amount: | $22 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 340 bps
|
| Rating: | Moody's: Baa3
|
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