Chicago, June 8 – Elmwood Asset Management LLC sold $521.6 million in a collateralized loan obligation issued by Logan CLO III, Ltd., according to a press release.
The notes will mature on April 23, 2035.
The CLO consists of $320 million of class A senior secured floating-rate notes, $60 million of class B senior secured floating-rate notes, $22.8 million of class C deferrable floating-rate notes, $58 million of class D 2.25% deferrable fixed-rate notes, $18.8 million of class E 5% deferrable fixed-rate notes and $42 million of subordinated notes.
Elmwood Asset Management LLC will manage the collateral through the end of the five-year reinvestment period.
Collateral for the notes consists of broadly syndicated senior secured corporate loans.
Barclays and RBC Capital Markets, LLC were the placement agent.
The hedge fund is based in New York.
| Issuer: | Logan CLO III, Ltd.
|
| Issue: | Floating-rate notes, fixed-rate notes and variable dividend notes
|
| Amount: | $521.6 million
|
| Maturity: | April 23, 2035
|
| Structure: | Cash flow CLO
|
| Placement agents: | Barclays and RBC Capital Markets, LLC
|
| Manager: | Elmwood Asset Management LLC
|
| Settlement date: | May 25
|
|
|
| Class A notes
|
| Amount: | $320 million
|
| Securities: | Senior secured floating-rate notes
|
| Rating: | Moody's: Aaa
|
|
|
| Class B notes
|
| Amount: | $60 million
|
| Securities: | Senior secured floating-rate notes
|
| Rating: | Moody's: Aa2
|
|
|
| Class C notes
|
| Amount: | $22.8 million
|
| Securities: | Deferrable floating-rate notes
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| Rating: | Moody's: A2
|
|
|
| Class D notes
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| Amount: | $58 million
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| Securities: | Deferrable fixed-rate notes
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| Coupon: | 2.25%
|
|
|
| Class E notes
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| Amount: | $18.8 million
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| Securities: | Deferrable fixed-rate notes
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| Coupon: | 5%
|
|
|
| Subordinated notes
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| Amount: | $42 million
|
| Securities: | Subordinated notes
|
|
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