Chicago, Feb. 5 – Sycamore Tree CLO Advisors LP is refinancing and extending for $408.47 million the collateralized loan obligation issued by Sycamore Tree CLO 2023-2 Ltd./Sycamore Tree CLO 2023-2 LLC , according to a presale report.
The notes will mature on Jan. 20, 2037.
The refinanced CLO consists of $256 million of class A-R senior secured floating-rate notes at SOFR plus 168 basis points, $48 million of class B-R senior secured floating-rate notes at SOFR plus 235 bps, $24 million of class C-R senior secured deferrable floating-rate notes at SOFR plus 275 bps, $20 million of class D-R senior secured deferrable floating-rate notes at SOFR plus 450 bps, $16 million of class E-R senior secured deferrable floating-rate notes at SOFR plus 768 bps and $44.47 million of subordinated notes.
The original CLO had $247 million of class A senior secured floating-rate notes at SOFR plus 233 bps, $53 million of class B senior secured floating-rate notes at SOFR plus 330 bps, $24 million of class C senior secured deferrable floating-rate notes at SOFR plus 420 bps, $22 million of class D senior secured deferrable floating-rate notes at SOFR plus 612 bps, $14 million of class E senior secured deferrable floating-rate notes at SOFR plus 894 bps and $44.47 million of subordinated notes.
Sycamore Tree CLO Advisors LP will manage the collateral through the end of the reinvestment period on Jan. 20, 2029.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting Jan. 20, 2026.
Citigroup Global Markets Inc. was the placement agent.
Sycamore Tree is an asset manager based in Dallas. The firm was founded in 2020.
| Issuer: | Sycamore Tree CLO 2023-2 Ltd./Sycamore Tree CLO 2023-2 LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $408.47 million
|
| Maturity: | Jan. 20, 2037
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
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| Manager: | Sycamore Tree CLO Advisors LP
|
| Call feature: | Jan. 20, 2026
|
| Settlement date: | Feb. 22
|
|
|
| Class A-R notes
|
| Amount: | $256 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 168 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-R notes
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| Amount: | $48 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 235 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
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| Amount: | $24 million
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| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 275 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
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| Amount: | $20 million
|
| Securities: | Senior secured deferrable floating-rate notes
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| Coupon: | SOFR plus 450 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R notes
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| Amount: | $16 million
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| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 768 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
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| Amount: | $44.47 million
|
| Securities: | Subordinated notes
|
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