Chicago, Aug. 31 – TCW Asset Management Co. LLC sold $401.45 million of notes and loans in a collateralized loan obligation being issued by TCW CLO 2023-2 Ltd./TCW CLO 2023-2 LLC, according to a presale report.
The CLO will mature on Oct. 20, 2036.
The CLO consists of $208 million of class A-1 senior secured floating-rate notes at SOFR plus 185 basis points, $48 million of class A-L senior secured floating-rate loans at SOFR plus 185 bps, $8 million of class A-J 6.16% senior secured fixed-rate notes, $40 million of class B senior secured floating-rate notes at SOFR plus 265 bps, $24 million of class C senior secured deferrable floating-rate notes at SOFR plus 310 bps, $18.5 million of class D-1 senior secured deferrable floating-rate notes at SOFR plus 500 bps, $3.5 million of class D-F 8.88% senior secured deferrable fixed-rate notes, $14 million of class E senior secured deferrable floating-rate notes at SOFR plus 807 bps and $37.45 million of subordinated notes.
TCW Asset Management Co. LLC will manage the collateral through the end of the reinvestment period on Oct. 20, 2028.
Collateral for the CLO consists of senior secured loans, cash and eligible investments.
The CLO can be called starting Oct. 20, 2025.
Jefferies LLC was the placement agent.
TCW Asset Management is a subsidiary of TCW Group Inc.
| Issuer: | TCW CLO 2023-2 Ltd./TCW CLO 2023-2 LLC
|
| Issue: | Floating-rate notes, floating-rate loans and subordinated notes
|
| Amount: | $401.45 million
|
| Maturity: | Oct. 20, 2036
|
| Structure: | Cash flow CLO
|
| Placement agent: | Jefferies LLC
|
| Manager: | TCW Asset Management Co. LLC
|
| Call feature: | Oct. 20, 2025
|
| Pricing date: | Aug. 24
|
| Settlement date: | Sept. 20
|
|
|
| Class A-1 notes
|
| Amount: | $208 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 185 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-L loans
|
| Amount: | $48 million
|
| Securities: | Senior secured floating-rate loans
|
| Coupon: | SOFR plus 185 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-J notes
|
| Amount: | $8 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 6.16%
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $40 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 265 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 310 bps
|
| Rating: | S&P: A
|
|
|
| Class D-1 notes
|
| Amount: | $18.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 500 bps
|
| Rating: | S&P: BBB
|
|
|
| Class D-F notes
|
| Amount: | $3.5 million
|
| Securities: | Senior secured deferrable fixed-rate notes
|
| Coupon: | 8.88%
|
| Rating: | S&P: BBB
|
|
|
| Class E notes
|
| Amount: | $14 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 807 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $37.45 million
|
| Securities: | Subordinated notes
|
|
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