Chicago, Sept. 29 – LCM Euro LLC reset for $340.73 million the collateralized loan obligation issued by LCM 38 Ltd., according to a presale report and a press release.
The notes will now mature on October 2036.
The reset CLO consists of $216 million of class A-1A-R senior secured floating-rate notes at SOFR plus 175 basis points, $4.5 million of class A-1B-R 5.78% senior secured fixed-rate notes, $7 million of class A-2-R senior secured floating-rate notes at SOFR plus 210 bps, $31.5 million of class B-1-R senior secured floating-rate notes at SOFR plus 260 bps, $3 million of class B-2-R 6.54% senior secured fixed-rate notes, $22 million of class C-R senior secured deferrable floating-rate notes at SOFR plus 315 bps, $22.75 million of class D-R senior secured deferrable floating-rate notes at SOFR plus 525 bps, $11.75 million of class E-R senior secured deferrable floating-rate notes at SOFR plus 773 bps, $500,000 of class F-R senior secured deferrable floating-rate notes at SOFR plus 927 bps and $21.73 million of subordinated notes.
The original August 2022 transaction included $193 million of class A-1A senior secured floating-rate notes at SOFR plus 210 basis points, $27.5 million of class A-1B 5.25% senior secured fixed-rate notes, $7 million of class A-2 senior secured floating-rate notes at SOFR plus 250 bps, $31 million of class B-1 senior secured floating-rate notes at SOFR plus 275 bps, $3.5 million of class B-2 5.41% senior secured fixed-rate notes, $22 million of class C deferrable mezzanine floating-rate notes at SOFR plus 365 bps, $22.5 million of class D deferrable mezzanine floating-rate notes at SOFR plus 466 bps, $11.3 million of class E deferrable mezzanine floating-rate notes at SOFR plus 835 bps, $500,000 of class F deferrable mezzanine floating-rate notes at SOFR plus 889 bps and $21.7 million of subordinated notes.
LCM Euro LLC will manage the collateral through the end of the reinvestment period in October 2028.
Collateral for the notes consists of first-lien senior secured leveraged loans.
The notes can be called starting September 2025.
Deutsche Bank Securities Inc. was the placement agent.
| Issuer: | LCM 38 Ltd.
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $340.73 million
|
| Maturity: | October 2036
|
| Structure: | Cash flow CLO
|
| Placement agent: | Deutsche Bank Securities Inc.
|
| Manager: | LCM Euro LLC
|
| Call feature: | September 2025
|
| Pricing date: | Sept. 1
|
| Settlement date: | Sept. 7
|
|
|
| Class A-1A-R notes
|
| Amount: | $216 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 175 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A-1B-R notes
|
| Amount: | $4.5 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 5.78%
|
| Rating: | Moody's: Aaa
|
|
|
| Class A-2-R notes
|
| Amount: | $7 million
|
| Securities: | Senior Secured floating-rate notes
|
| Coupon: | SOFR plus 210 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class B-1-R notes
|
| Amount: | $31.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 260 bps
|
| Rating: | Fitch: AA
|
|
|
| Class B-2-R notes
|
| Amount: | $3 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 6.54%
|
| Rating: | Fitch: AA
|
|
|
| Class C-R notes
|
| Amount: | $22 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 315 bps
|
| Rating: | Fitch: A
|
|
|
| Class D-R notes
|
| Amount: | $22.75 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 525 bps
|
| Rating: | Fitch: BBB-
|
|
|
| Class E-R notes
|
| Amount: | $11.75 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 773 bps
|
| Rating: | Fitch: BB-
|
|
|
| Class F-R notes
|
| Amount: | $0.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 927 bps
|
| Rating: | Fitch: B+
|
|
|
| Subordinated notes
|
| Amount: | $21.73 million
|
| Securities: | Subordinated notes
|
|
|
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