Chicago, March 20 – Marathon Asset Management LP sold $403.25 million in a collateralized loan obligation being issued by Bryant Park Funding 2024-22 Ltd./Bryant Park Funding 2024-22 LLC, according to a presale report.
The notes will mature on April 15, 2037.
The CLO consists of $252 million of class A-1 senior secured floating-rate notes at SOFR plus 162 basis points, $4 million of class A-2 senior secured floating-rate notes at SOFR plus 180 bps, $48 million of class B senior secured floating-rate notes at SOFR plus 210 bps, $20 million of class C-1 senior secured deferrable floating-rate notes at SOFR plus 260 bps, $4 million of class C-2 senior secured deferrable floating-rate notes at SOFR plus 360 bps, $24 million of class D senior secured deferrable floating-rate notes at SOFR plus 430 bps, $14 million of class E senior secured deferrable floating-rate notes at SOFR plus 713 bps and $37.25 million of subordinated notes.
Marathon Asset Management 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 April 15, 2026.
J.P. Morgan Securities LLC was the placement agent.
Marathon Asset Management is a global credit manager based in New York City.
| Issuer: | Bryant Park Funding 2024-22 Ltd./Bryant Park Funding 2024-22 LLC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $403.25 million
|
| Maturity: | April 15, 2037
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities LLC
|
| Manager: | Marathon Asset Management LP
|
| Call feature: | April 15, 2026
|
| Pricing date: | March 14
|
| Settlement date: | March 26
|
|
|
| Class A-1 notes
|
| Amount: | $252 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 162 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $4 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 180 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $48 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 210 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-1 notes
|
| Amount: | $20 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 260 bps
|
| Rating: | S&P: A+
|
|
|
| Class C-2 notes
|
| Amount: | $4 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 360 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 430 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $14 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 713 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $37.25 million
|
| Securities: | Subordinated notes
|
|
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