Chicago, Sept. 16 – Palmer Square Europe Capital Management LLC sold $495.5 million in a collateralized loan obligation being issued by Palmer Square CLO 2022-5 Ltd./Palmer Square CLO 2022-5 LLC, according to a presale report.
The notes will mature on Oct. 20, 2035.
The CLO consists of $315 million of class A senior secured floating-rate notes at SOFR plus 200 basis points, $56 million of class B-1 senior secured floating-rate notes at SOFR plus 285 bps, $9 million of class B-2 5.43% senior secured fixed-rate notes, $30 million of class C senior secured deferrable floating-rate notes at SOFR plus 350 bps, $30 million of class D senior secured deferrable floating-rate notes at SOFR plus 485 bps, $15 million of class E senior secured deferrable floating-rate notes at SOFR plus 800 bps and $40.5 million of subordinated notes.
Palmer Square Europe Capital Management LLC will manage the collateral through the end of the reinvestment period on Oct. 20, 2027.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting Sept. 28, 2024.
BofA Securities Inc. was the placement agent.
Palmer Square Capital is an investment management firm based in Leawood, Kan.
Issuer: | Palmer Square CLO 2022-5 Ltd./Palmer Square CLO 2022-5 LLC
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Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
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Amount: | $495.5 million
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Maturity: | Oct. 20, 2035
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Structure: | Cash flow CLO
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Placement agent: | BofA Securities Inc.
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Manager: | Palmer Square Europe Capital Management LLC
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Call feature: | Sept. 28, 2024
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Settlement date: | Sept. 28
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|
Class A notes
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Amount: | $315 million
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Securities: | Senior secured floating-rate notes
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Coupon: | SOFR plus 200 bps
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Rating: | S&P: AAA
|
|
Class B-1 notes
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Amount: | $56 million
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Securities: | Senior secured floating-rate notes
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Coupon: | SOFR plus 285 bps
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Rating: | S&P: AA
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Class B-2 notes
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Amount: | $9 million
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Securities: | Senior Secured fixed-rate notes
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Coupon: | 5.43%
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Rating: | S&P: AA
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Class C notes
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Amount: | $30 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | SOFR plus 350 bps
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Rating: | S&P: A
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Class D notes
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Amount: | $30 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | SOFR plus 485 bps
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Rating: | S&P: BBB-
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Class E notes
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Amount: | $15 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | SOFR plus 800 bps
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Rating: | S&P: BB-
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Subordinated notes
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Amount: | $40.5 million
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Securities: | Subordinated notes
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