Chicago, March 1 – Empower Capital Management LLC priced $457.58 million of notes in a collateralized loan obligation being issued by Empower CLO 2024-1 Ltd./Empower CLO 2024-1 LLC, according to a presale report.
The notes will mature on April 25, 2029.
The CLO consists of $279 million of class A-1 senior secured floating-rate notes at SOFR plus 160 basis points, $18 million of class A-2 senior secured floating-rate notes at SOFR plus 180 bps, $45 million of class B senior secured floating-rate notes at SOFR plus 200 bps, $27 million of class C senior secured deferrable floating-rate notes at SOFR plus 250 bps, $27 million of class D-1 senior secured deferrable floating-rate notes at SOFR plus 375 bps, $4.5 million of class D-2 9.25% senior secured deferrable fixed-rate notes, $13.5 million of class E senior secured deferrable floating-rate notes at SOFR plus 650 bps and $43.58 million of subordinated notes.
Empower Capital Management LLC will manage the collateral through the end of the reinvestment period on Apr 25, 2029.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting April 25, 2026.
Goldman Sachs & Co. LLC was the placement agent.
The issuer is a fully-owned subsidiary of Empower Life & Annuity Insurance Co. Empower is based in Colorado.
| Issuer: | Empower CLO 2024-1 Ltd./Empower CLO 2024-1 LLC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $457.575 million
|
| Maturity: | April 25, 2029
|
| Structure: | Cash flow CLO
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| Placement agent: | Goldman Sachs & Co. LLC
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| Manager: | Empower Capital Management LLC
|
| Call feature: | April 25, 2026
|
| Pricing date: | Feb. 23
|
| Settlement date: | March 20
|
|
|
| Class A-1 notes
|
| Amount: | $279 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 160 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
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| Amount: | $18 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 180 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
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| Amount: | $45 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 200 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
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| Amount: | $27 million
|
| Securities: | Senior secured deferrable floating-rate notes
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| Coupon: | SOFR plus 250 bps
|
| Rating: | S&P: A
|
|
|
| Class D-1 notes
|
| Amount: | $27 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 375 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class D-2 notes
|
| Amount: | $4.5 million
|
| Securities: | Senior secured deferrable fixed-rate notes
|
| Coupon: | 9.25%
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
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| Amount: | $13.5 million
|
| Securities: | Senior Secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 650 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $43.575 million
|
| Securities: | Subordinated notes
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