Chicago, Aug. 26 – Pacific Asset Management LLC sold $406.2 million in a collateralized loan obligation being issued by Trestles CLO IV Ltd./Trestles CLO IV LLC, according to a pre-sale report.
The notes will mature on July 21, 2034.
The CLO consists of $244 million of class A senior secured floating-rate notes at Libor plus 117 basis points, $40 million of class B-1 senior secured floating-rate notes at Libor plus 170 bps, $20 million of class B-2 2.72% senior secured fixed-rate notes, $22 million of class C senior secured deferrable floating-rate notes at Libor plus 210 bps, $26 million of class D senior secured deferrable floating-rate notes at Libor plus 320 bps, $14 million of class E senior secured deferrable floating-rate notes at Libor plus 625 bps and $40.2 million of subordinated notes..
Pacific Asset Management LLC will manage the collateral through the end of the reinvestment period on July 21, 2026.
The notes can be called starting July 21, 2023.
Credit Suisse Securities (USA) LLC was the placement agent.
Pacific Asset Management is a Newport Beach, Calif.-based subsidiary of Pacific Life Insurance Co.
| Issuer: | Trestles CLO IV Ltd./Trestles CLO IV LLC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $406.2 million
|
| Maturity: | July 21, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | Credit Suisse Securities (USA) LLC
|
| Manager: | Pacific Asset Management LLC
|
| Call feature: | July 21, 2023
|
| Settlement date: | Aug. 13
|
|
|
| Class A notes
|
| Amount: | $244 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 117 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $40 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-2 notes
|
| Amount: | $20 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.7215%
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $22 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 210 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $26 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 320 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $14 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 625 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $40.2 million
|
| Securities: | Subordinated notes
|
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