Chicago, March 3 – Elmwood Asset Management LLC priced a new $1.07 billion collateralized loan obligation transaction in the Elmwood CLO VIII Ltd./Elmwood CLO VIII LLC deal due Jan. 20, 2034, according to a pre-sale report.
Included are $576 million of class A-1 senior floating-rate notes at Libor plus 124 basis points, $96 million of class A-2 senior floating-rate notes at Libor plus 108 bps, $108 million of class B-1 senior floating-rate notes at Libor plus 155 bps and $18 million of class B-2 senior floating-rate notes at Libor plus 145 bps.
Lower in the stack are $54 million of class C-1 senior deferrable floating-rate notes at Libor plus 195 bps, $9 million of class C-2 senior deferrable floating-rate notes at Libor plus 180 bps, $54 million of class D-1 senior deferrable floating-rate notes at Libor plus 300 bps, $9 million of class D-2 senior deferrable floating-rate notes at Libor plus 285 bps, $31.5 million of class E-1 senior deferrable floating-rate notes at Libor plus 600 bps, $5.25 million of class E-2 senior deferrable floating-rate notes at Libor plus 575 bps, $9 million of class F-1 senior deferrable floating-rate notes at Libor plus 800 bps and $1.5 million of class F-2 senior deferrable floating-rate notes at Libor plus 800 bps.
There are also $94.5 million of subordinated notes.
J.P. Morgan Securities LLC is the placement agent.
Elmwood Asset Management will manage the portfolio through the end of the reinvestment period on Jan. 20, 2026.
Collateral for the notes is primarily senior secured loans, cash and eligible investment with most borrowers based in the United States or Canada.
The notes cannot be called until Jan. 20, 2023.
The hedge fund is based in New York.
| Issuers: | Elmwood CLO VIII Ltd./Elmwood CLO VIII LLC
|
| Amount: | $1,065,750,000
|
| Maturity: | Jan. 20, 2034
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: J.P. Morgan Securities LLC
|
| Manager: | Elmwood Asset Management LLC
|
| Call: | Jan. 20, 2023
|
| Pricing date: | March 3
|
| Settlement date: | March 10
|
|
|
| Class A-1 notes
|
| Amount: | $576 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 124 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
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| Amount: | $96 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 108 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $108 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 155 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-2 notes
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| Amount: | $18 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 145 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-1 notes
|
| Amount: | $54 million
|
| Securities: | Senior deferrable floating-rate notes
|
| Coupon: | Libor plus 195 bps
|
| Rating: | S&P: A
|
|
|
| Class C-2 notes
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| Amount: | $9 million
|
| Securities: | Senior deferrable floating-rate notes
|
| Coupon: | Libor plus 180 bps
|
| Rating: | S&P: A
|
|
|
| Class D-1 notes
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| Amount: | $54 million
|
| Securities: | Senior deferrable floating-rate notes
|
| Coupon: | Libor plus 300 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class D-2 notes
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| Amount: | $9 million
|
| Securities: | Senior deferrable floating-rate notes
|
| Coupon: | Libor plus 285 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-1 notes
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| Amount: | $31.5 million
|
| Securities: | Senior deferrable floating-rate notes
|
| Coupon: | Libor plus 600 bps
|
| Rating: | S&P: BB-
|
|
|
| Class E-2 notes
|
| Amount: | $5.25 million
|
| Securities: | Senior deferrable floating-rate notes
|
| Coupon: | Libor plus 575 bps
|
| Rating: | S&P: BB-
|
|
|
| Class F-1 notes
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| Amount: | $9 million
|
| Securities: | Senior deferrable floating-rate notes
|
| Coupon: | Libor plus 800 bps
|
| Rating: | S&P: B-
|
|
|
| Class F-2 notes
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| Amount: | $1.5 million
|
| Securities: | Senior deferrable floating-rate notes
|
| Coupon: | Libor plus 800 bps
|
| Rating: | S&P: B-
|
|
|
| Subordinated notes
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| Amount: | $94.5 million
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| Securities: | Subordinated notes
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