Chicago, April 17 – Elmwood Asset Management priced $401.75 million in a collateralized loan obligation being issued by Elmwood CLO 23 Ltd./Elmwood CLO 23 LLC, according to a presale report.
The notes will mature on April 16, 2036.
The CLO consists of $252 million of class A senior secured floating-rate notes at SOFR plus 180 basis points, $52 million of class B senior secured floating-rate notes at SOFR plus 225 bps, $24 million of class C senior secured deferrable floating-rate notes at SOFR plus 300 bps, $23 million of class D senior secured deferrable floating-rate notes at SOFR plus 500 bps, $13.4 million of class E senior secured deferrable floating-rate notes at SOFR plus 800 bps, $6.6 million of class F senior secured deferrable floating-rate notes at SOFR plus 850 bps and $30.75 million of subordinated notes.
Elmwood Asset Management will manage the collateral through the end of the reinvestment period on April 16, 2028.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting April 16, 2025.
RBC Capital Markets LLC was the placement agent.
The hedge fund is based in New York.
| Issuer: | Elmwood CLO 23 Ltd./Elmwood CLO 23 LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $401.75 million
|
| Maturity: | April 16, 2036
|
| Structure: | Cash flow CLO
|
| Placement agent: | RBC Capital Markets LLC
|
| Manager: | Elmwood Asset Management
|
| Call feature: | April 16, 2025
|
| Settlement date: | April 24
|
|
|
| Class A notes
|
| Amount: | $252 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 180 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $52 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 225 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 300 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $23 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 500 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $13.4 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 800 bps
|
| Rating: | S&P: BB-
|
|
|
| Class F notes
|
| Amount: | $6.6 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 850 bps
|
| Rating: | S&P: B-
|
|
|
| Subordinated notes
|
| Amount: | $30.75 million
|
| Securities: | Subordinated notes
|
|
|
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