Chicago, June 22 – Elmwood Asset Management LLC priced a new CLO for $529.5 million with Logan CLO I, Ltd. listed as issuer, according to a notice.
The notes are due July 20, 2034.
The portfolio includes $310 million of class A senior secured floating-rate notes at Libor plus 116 basis points, $70 million of class B senior secured floating-rate notes at Libor plus 175 bps, $24.5 million of class C senior secured deferrable floating-rate notes at Libor plus 190 bps, $60.5 million of class D 2.25% senior secured deferrable fixed-rate notes and $22.5 million of class E 5% senior secured deferrable fixed-rate notes.
There are also $42 million of variable dividend notes.
Barclays is the underwriter.
Elmwood Asset Management will manage the collateral, mostly broadly syndicated senior secured corporate loans.
There is a five-year reinvestment period.
The hedge fund is based in New York.
| Issuer: | Logan CLO I, Ltd.
|
| Issue: | Floating-rate notes, fixed-rate notes and variable dividend notes
|
| Amount: | $529.5 million
|
| Maturity: | July 20, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays
|
| Manager: | Elmwood Asset Management LLC
|
| Settlement date: | June 3
|
|
|
| Class A notes
|
| Amount: | $310 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 116 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class B notes
|
| Amount: | $70 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Rating: | Moody's: Aa2
|
|
|
| Class C notes
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| Amount: | $24.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Rating: | Moody's: A2
|
|
|
| Class D notes
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| Amount: | $60.5 million
|
| Securities: | Senior secured deferrable fixed-rate notes
|
| Coupon: | 2.25%
|
|
|
| Class E notes
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| Amount: | $22.5 million
|
| Securities: | Senior secured deferrable fixed-rate notes
|
| Coupon: | 5%
|
|
|
| Variable dividend notes
|
| Amount: | $42 million
|
| Securities: | Variable dividend notes
|
|
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