Chicago, Nov. 16 – Elmwood Asset Management LLC refinanced for $608 million the collateralized loan obligation issued by Elmwood CLO VI Ltd./Elmwood CLO VI LLC, according to a pre-sale report.
The notes will mature on Oct. 20, 2034.
The refinanced CLO consists of $378 million of class A-R senior secured floating-rate notes at Libor plus 116 basis points, $78 million of class B-R senior secured floating-rate notes at Libor plus 165 bps, $36 million of class C-R senior secured deferrable floating-rate notes at Libor plus 205 bps, $36 million of class D-R senior secured deferrable floating-rate notes at Libor plus 310 bps, $24 million of class E-R senior secured deferrable floating-rate notes at Libor plus 650 bps, $9 million of class F-R senior secured deferrable floating-rate notes at Libor plus 775 bps and $47 million of subordinated notes.
The CLO originally sold $283.5 million of class A floating-rate notes at Libor plus 132 bps, $45 million of class B-1 floating-rate notes at Libor plus 170 bps and $13.5 million of 2.11% class B-2 fixed-rate notes.
The CLO also originally priced $25.8 million of class C deferrable floating-rate notes at Libor plus 235 bps, $24.8 million of class D deferrable floating-rate notes at Libor plus 365 bps, $18 million of class E deferrable floating-rate notes at Libor plus 760 bps and $41.9 million of subordinated notes.
Elmwood Asset Management LLC will manage the collateral through the end of the reinvestment period on Oct. 20, 2026.
The collateral primarily consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting Oct. 20, 2023.
Credit Suisse Securities (USA) LLC was the placement agent.
The hedge fund is based in New York.
| Issuer: | Elmwood CLO VI Ltd./Elmwood CLO VI LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $608 million
|
| Maturity: | Oct. 20, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | Credit Suisse Securities (USA) LLC
|
| Manager: | Elmwood Asset Management LLC
|
| Call feature: | Oct. 20, 2023
|
| Settlement date: | Oct. 15
|
|
|
| Class A-R notes
|
| Amount: | $378 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 116 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-R notes
|
| Amount: | $78 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $36 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 205 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | $36 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 310 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 650 bps
|
| Rating: | S&P: BB-
|
|
|
| Class F-R notes
|
| Amount: | $9 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 775 bps
|
| Rating: | S&P: B-
|
|
|
| Subordinated notes
|
| Amount: | $47 million
|
| Securities: | Subordinated notes
|
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