Chicago, May 18 – NYL Investors LLC sold $402.6 million in a collateralized loan obligation being issued by Flatiron CLO 23 LLC, according to multiple press releases.
The notes will mature on April 17, 2036.
The CLO consists of $256 million of class A senior secured floating-rate notes at SOFR plus 180 basis points, $48 million of class B senior secured floating-rate notes at SOFR plus 245 bps, $22.8 million of class C senior secured floating-rate notes at SOFR plus 335 bps, $24.4 million of class D senior secured deferrable floating-rate notes at SOFR plus 525 bps, $11.8 million of class E senior secured deferrable floating-rate notes at SOFR plus 800 bps, $1 million of class F senior secured deferrable floating-rate notes at SOFR plus 891 bps and $38.6 million of subordinated notes.
NYL Investors LLC will manage the collateral through the end of the 4.9-year reinvestment period.
Collateral for the notes consists of senior secured leveraged loans.
NYL Investors is a New York-based subsidiary of mutual life insurance company New York Life Insurance Co.
| Issuer: | Flatiron CLO 23 LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $402.6 million
|
| Maturity: | April 17, 2036
|
| Structure: | Cash flow CLO
|
| Manager: | NYL Investors LLC
|
| Settlement date: | May 9
|
|
|
| Class A notes
|
| Amount: | $256 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 180 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class B notes
|
| Amount: | $48 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 245 bps
|
| Rating: | Fitch: AA
|
|
|
| Class C notes
|
| Amount: | $22.8 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 335 bps
|
| Rating: | Fitch: A
|
|
|
| Class D notes
|
| Amount: | $24.4 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 525 bps
|
| Rating: | Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | $11.8 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 800 bps
|
| Rating: | Fitch: BB-
|
|
|
| Class F notes
|
| Amount: | $1 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 891 bps
|
| Rating: | Moody's: B3
|
|
|
| Subordinated notes
|
| Amount: | $38.6 million
|
| Securities: | Subordinated notes
|
|
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