Chicago, April 23 – Sycamore Tree CLO Advisors, LP refinanced and extended for $527.725 million the collateralized loan obligation issued by Sycamore Tree CLO 2023-3 Ltd./Sycamore Tree CLO 2023-3 LLC, according to a presale report.
The notes will mature on April 20, 2037.
The CLO consists of $336 million of class A-1-R senior secured floating-rate notes at SOFR plus 165 basis points, $10.5 million of class A-2-R senior secured floating-rate notes at SOFR plus 182 bps, $52.5 million of class B-R senior secured floating-rate notes at SOFR plus 215 bps, $31.5 million of class C-R senior secured deferrable floating-rate notes at SOFR plus 260 bps, $31.5 million of class D-1-R senior secured deferrable floating-rate notes at SOFR plus 425 bps, $3.25 million of class D-2a-R senior secured deferrable floating-rate notes at SOFR plus 550 bps, $2 million of class D-2b-R 9.63% senior secured deferrable fixed-rate notes, $13,125,000 of class E-R senior secured deferrable floating-rate notes at SOFR plus 729 bps and $47.35 million of subordinated notes.
Sycamore Tree CLO Advisors, LP will manage the collateral through the end of the reinvestment period on April 20, 2029.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting April 20, 2026.
Goldman Sachs & Co. LLC was the placement agent.
The original CLO had $246 million of class A-1 senior secured floating-rate notes at SOFR plus 220 bps, $8 million of class A-2 senior secured floating-rate notes at SOFR plus 265 bps, $32 million of class B-1 senior secured floating-rate notes at SOFR plus 300 bps, $14 million of class B-2 6.55% senior secured fixed-rate notes, $24 million of class C senior secured deferrable floating-rate notes at SOFR plus 395 bps, $22 million of class D senior secured deferrable floating-rate notes at SOFR plus 591 bps, $14 million of class E senior secured deferrable floating-rate notes at SOFR plus 866 bps and $41 million of subordinated notes.
Sycamore Tree is an asset manager based in Dallas. The firm was founded in 2020.
| Issuer: | Sycamore Tree CLO 2023-3 Ltd./Sycamore Tree CLO 2023-3 LLC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $527.725 million
|
| Maturity: | April 20, 2037
|
| Structure: | Cash flow CLO
|
| Placement agent: | Goldman Sachs & Co. LLC
|
| Manager: | Sycamore Tree CLO Advisors, LP
|
| Call feature: | April 20, 2026
|
| Pricing date: | April 16
|
| Settlement date: | April 22
|
|
|
| Class A-1-R notes
|
| Amount: | $336 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 165 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2-R notes
|
| Amount: | $10.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 182 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-R notes
|
| Amount: | $52.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 215 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $31.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 260 bps
|
| Rating: | S&P: A
|
|
|
| Class D-1-R notes
|
| Amount: | $31.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 425 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class D-2a-R notes
|
| Amount: | $3.25 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 550 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class D-2b-R notes
|
| Amount: | $2 million
|
| Securities: | Senior secured deferrable fixed-rate notes
|
| Coupon: | 9.63%
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R notes
|
| Amount: | $13.125 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 729 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $47.35 million
|
| Securities: | Subordinated notes
|
|
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