Chicago, Sept. 22 – Northwestern Mutual Investment Management Co. LLC priced $452.05 million in a collateralized loan obligation being issued by 720 East CLO 2023-II Ltd./720 East CLO 2023-II LLC, according to a presale report.
The notes will mature on Oct. 15, 2036.
The CLO consists of $288 million of class A-1 senior secured floating-rate notes at SOFR plus 185 basis points, $27 million of class A-2 senior secured floating-rate notes at SOFR plus 215 bps, $27 million of class B senior secured floating-rate notes at SOFR plus 255 bps, $27 million of class C senior secured deferrable floating-rate notes at SOFR plus 305 bps, $27 million of class D senior secured deferrable floating-rate notes at SOFR plus 515 bps, $13.5 million of class E senior secured deferrable floating-rate notes at SOFR plus 857 bps and $42.55 million of subordinated notes.
Northwestern Mutual Investment Management Co. LLC will manage the collateral through the end of the reinvestment period on Oct. 15, 2028.
Collateral for the notes consists of senior secured loans, cash and eligible investments.
The notes can be called starting Oct. 4, 2025.
J.P. Morgan Securities LLC was the placement agent.
The manager is a subsidiary of Northwestern Mutual Life Insurance Co.
| Issuer: | 720 East CLO 2023-II Ltd./720 East CLO 2023-II LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $452.05 million
|
| Maturity: | Oct. 15, 2036
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities LLC
|
| Manager: | Northwestern Mutual Investment Management Co. LLC
|
| Call feature: | Oct. 4, 2025
|
| Pricing date: | Sept. 20
|
| Settlement date: | Oct. 4
|
|
|
| Class A-1 notes
|
| Amount: | $288 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 185 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $27 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 215 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $27 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 255 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $27 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 305 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $27 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 515 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $13.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 857 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $42.55 million
|
| Securities: | Subordinated notes
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
