Chicago, Sept. 21 – Eaton Vance Management refinanced and extended for $458.68 million the collateralized loan obligation originally issued by Eaton Vance CLO 2020-1 Ltd./Eaton Vance CLO 2020-1 LLC, according to a pre-sale report.
The new maturity date for the notes is Oct. 15, 2034.
The CLO now consists of $279 million of class A-R senior secured floating-rate notes at Libor plus 117 basis points, $63 million of class B-R senior secured floating-rate notes at Libor plus 165 bps, $24.75 million of class C-R senior secured deferrable floating-rate notes at Libor plus 205 bps, $27 million of class D-R senior secured deferrable floating-rate notes at Libor plus 310 bps, $20.25 million of class E-R senior secured deferrable floating-rate notes at Libor plus 625 bps and $44.675 million of subordinated notes.
Originally, Eaton Vance sold $281.25 million of class A floating-rate notes at Libor plus 165 bps and $60.75 million of class B floating-rate notes at Libor plus 210 bps.
The CLO also originally had $27 million of class C floating-rate notes at Libor plus 280 bps, $22.5 million of class D floating-rate notes at Libor plus 420 bps, $15.75 million of class E floating-rate notes at Libor plus 789 bps and $44.68 million of subordinated notes.
Eaton Vance Management will manage the collateral through the end of the reinvestment period on Oct. 15, 2026.
The notes can be called starting Oct. 15, 2023.
Wells Fargo Securities LLC was the placement agent.
Boston-based Eaton Vance Management is a subsidiary of Eaton Vance Corp.
| Issuer: | Eaton Vance CLO 2020-1 Ltd./Eaton Vance CLO 2020-1 LLC
|
| Issue: | Floating-rate and subordinated notes
|
| Amount: | $458.675 million
|
| Maturity: | Oct. 15, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | Wells Fargo Securities LLC
|
| Manager: | Eaton Vance Management
|
| Call feature: | Oct. 15, 2023
|
| Settlement date: | Sept. 9
|
|
|
| Class A-R notes
|
| Amount: | $279 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 117 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-R notes
|
| Amount: | $63 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $24.75 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 205 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | $27 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 310 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R notes
|
| Amount: | $20.25 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 625 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $44.675 million
|
| Securities: | Subordinated notes
|
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