Chicago, Sept. 6 – Sycamore Tree CLO Advisors LP sold $405.05 million of notes in a collateralized loan obligation being issued by Sycamore Tree CLO 2023-4 Ltd./Sycamore Tree CLO 2023-4 LLC, according to a presale report.
The notes will mature on Oct. 20, 2036.
The CLO consists of $240 million of class A-1 senior secured floating-rate notes at SOFR plus 220 basis points, $10 million of class A-2 senior secured floating-rate notes at SOFR plus 240 bps, $50 million of class B senior secured floating-rate notes at SOFR plus 290 bps, $24 million of class C senior secured deferrable floating-rate notes at SOFR plus 370 bps, $24 million of class D senior secured deferrable floating-rate notes at SOFR plus 555 bps, $14 million of class E senior secured deferrable floating-rate notes at SOFR plus 882 bps and $43.05 million of subordinated notes.
Sycamore Tree CLO Advisors LP will manage the collateral through the end of the reinvestment period on Oct. 20, 2028.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting Sept. 14, 2025.
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 2023-4 Ltd./Sycamore Tree CLO 2023-4 LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $405.05 million
|
| Maturity: | Oct. 20, 2036
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | Sycamore Tree CLO Advisors LP
|
| Call feature: | Sept. 14, 2025
|
| Pricing date: | Sept. 1
|
| Settlement date: | Sept. 14
|
|
|
| Class A-1 notes
|
| Amount: | $240 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 220 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $10 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 240 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $50 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 290 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 370 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 555 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $14 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 882 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $43.05 million
|
| Securities: | Subordinated notes
|
|
|
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