Chicago, Dec. 30 – Northwestern Mutual Investment Management Co. LLC sold $437.85 million in a first collateralized loan obligation being issued by 720 East CLO 2022-I Ltd./720 East CLO 2022-I LLC, according to a presale report.
The notes will mature on Jan. 20, 2036.
The CLO consists of $272 million of class A senior secured floating-rate notes at SOFR plus 270 basis points, $51 million of class B senior secured floating-rate notes at SOFR plus 325 bps, $25.5 million of class C senior secured deferrable floating-rate notes at SOFR plus 425 bps, $25.5 million of class D senior secured deferrable floating-rate notes at SOFR plus 615 bps, $12.75 million of class E senior secured deferrable floating-rate notes at SOFR plus 975 bps and $51.1 million of subordinated notes.
Northwestern Mutual Investment Management Co. LLC will manage the collateral through the end of the reinvestment period on Jan. 20, 2027.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting Dec. 20, 2024.
J.P. Morgan Securities LLC was the placement agent.
The manager is a subsidiary of Northwestern Mutual Life Insurance Co.
| Issuer: | 720 East CLO 2022-I Ltd./720 East CLO 2022-I LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $437.85 million
|
| Maturity: | Jan. 20, 2036
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities LLC
|
| Manager: | Northwestern Mutual Investment Management Co. LLC
|
| Call feature: | Dec. 20, 2024
|
| Settlement date: | Dec. 20
|
|
|
| Class A notes
|
| Amount: | $272 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 270 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $51 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 325 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $25.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 425 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $25.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 615 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $12.75 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 975 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $51.1 million
|
| Securities: | Subordinated notes
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
