By Cristal Cody
Tupelo, Miss. Dec. 11 – Elmwood Asset Management LLC priced $501.5 million of notes due Jan. 17, 2034 in a new broadly syndicated collateralized loan obligation transaction, according to market sources.
Elmwood CLO VII Ltd. sold $300 million of class A floating-rate notes at Libor plus 139 basis points and $80 million of class B floating-rate notes at Libor plus 170 bps.
The CLO also priced $30 million of class C deferrable floating-rate notes at Libor plus 225 bps, $28.75 million of class D deferrable floating-rate notes at Libor plus 360 bps, $16.25 million of class E deferrable floating-rate notes at Libor plus 710 bps, $7.5 million of class F deferrable floating-rate notes at Libor plus 801 bps and $39 million of subordinated notes.
RBC Capital Markets LLC was the placement agent.
The CLO has a two-year non-call period and a five-year reinvestment period.
The transaction is backed primarily by broadly syndicated first-lien senior secured loans, cash and eligible investments.
Elwood Asset Management has priced four new CLOs in 2020.
The hedge fund is based in New York.
| Issuer: | Elmwood CLO VII Ltd.
|
| Amount: | $501.5 million
|
| Maturity: | Jan. 17, 2034
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | RBC Capital Markets LLC
|
| Manager: | Elmwood Asset Management LLC
|
| Call feature: | Two years
|
| Pricing date: | Nov. 24
|
| Settlement date: | Dec. 17
|
|
|
| Class A notes
|
| Amount: | $300 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 139 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $80 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Ratings: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $30 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 225 bps
|
| Ratings: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $28.75 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 360 bps
|
| Ratings: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $16.25 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 710 bps
|
| Ratings: | S&P: BB-
|
|
|
| Class F notes
|
| Amount: | $7.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 801 bps
|
| Ratings: | S&P: B-
|
|
|
| Equity
|
| Amount: | $39 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
|
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