Chicago, Sept. 1 – ICG Debt Advisors LLC priced $355.55 million of notes in a collateralized loan obligation being issued by ICG US CLO 2023-1(i) Ltd./ICG US CLO 2023-1(i) LLC, according to a presale report.
The notes will mature on July 18, 2036.
The CLO consists of $213.5 million of class A senior secured floating-rate notes at SOFR plus 220 basis points, $52.5 million of class B senior secured floating-rate notes at SOFR plus 300 bps, $21 million of class C senior secured deferrable floating-rate notes at SOFR plus 375 bps, $17.5 million of class D senior secured deferrable floating-rate notes at SOFR plus 583 bps, $12.25 million of class E senior secured deferrable floating-rate notes at SOFR plus 881 bps and $38.8 million of subordinated notes.
ICG Debt Advisors LLC will manage the collateral through the end of the reinvestment period on July 18, 2028.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting July 18, 2025.
Barclays was the placement agent.
The firm is a subsidiary of London-based parent company Intermediate Capital Group plc.
| Issuer: | ICG US CLO 2023-1(i) Ltd./ICG US CLO 2023-1(i) LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $355.55 million
|
| Maturity: | July 18, 2036
|
| Structure: | Cash flow CLO
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| Placement agent: | Barclays
|
| Manager: | ICG Debt Advisors LLC
|
| Call feature: | July 18, 2025
|
| Pricing date: | Aug. 24
|
| Settlement date: | Sept. 6
|
|
|
| Class A notes
|
| Amount: | $213.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 220 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
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| Amount: | $52.5 million
|
| Securities: | Senior secured floating-rate notes
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| Coupon: | SOFR plus 300 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
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| Amount: | $21 million
|
| Securities: | Senior secured deferrable floating-rate notes
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| Coupon: | SOFR plus 375 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
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| Amount: | $17.5 million
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| Securities: | Senior secured deferrable floating-rate notes
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| Coupon: | SOFR plus 583 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
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| Amount: | $12.25 million
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| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 881 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $38.8 million
|
| Securities: | Subordinated notes
|
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