Chicago, Oct. 26 – Empower Capital Management, LLC sold $492 million in a collateralized loan obligation being issued by Empower CLO 2022-1, Ltd., according to multiple press releases.
The notes will mature on Oct. 20, 2034.
The CLO consists of $310 million of class A-1 senior secured floating-rate notes at SOFR plus 220 basis points, $20 million of class A-2 senior secured floating-rate notes at SOFR plus 250 bps, $50 million of class B senior secured floating-rate notes at SOFR plus 325 bps, $25 million of class C mezzanine secured deferrable floating-rate notes at SOFR plus 380 bps, $30 million of class D mezzanine secured deferrable floating-rate notes at SOFR plus 573 bps, $18.3 million of class E junior secured deferrable floating-rate notes at SOFR plus 855 bps and $38.7 million of subordinated notes.
Empower Capital Management, LLC will manage the collateral through the end of the four-year reinvestment period.
Collateral for the notes consists of first lien senior secured leveraged loans.
The issuer is a fully-owned subsidiary of Empower Life & Annuity Insurance Co. Empower is based in Colorado.
| Issuer: | Empower CLO 2022-1, Ltd.
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $492 million
|
| Maturity: | Oct. 20, 2034
|
| Structure: | Cash flow CLO
|
| Manager: | Empower Capital Management, LLC
|
| Settlement date: | Oct. 21
|
|
|
| Class A-1 notes
|
| Amount: | $310 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 220 bps
|
| Rating: | Moody’s: Aaa
|
|
|
| Class A-2 notes
|
| Amount: | $20 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 250 bps
|
| Rating: | Moody’s: Aaa
|
|
|
| Class B notes
|
| Amount: | $50 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 325 bps
|
| Rating: | Fitch: AA
|
|
|
| Class C notes
|
| Amount: | $25 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 380 bps
|
| Rating: | Moody’s: A3
|
|
|
| Class D notes
|
| Amount: | $30 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 573 bps
|
| Rating: | Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | $18.3 million
|
| Securities: | Junior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 855 bps
|
| Rating: | Fitch: BB-
|
|
|
| Subordinated notes
|
| Amount: | $38.7 million
|
| Securities: | Subordinated notes
|
|
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