Chicago, April 4 – LCM Asset Management LLC priced $302.9 million of notes in a collateralized loan obligation being issued by LCM 41 Ltd./LCM 41 LLC, according to a presale report.
The notes will mature on April 15, 2036.
The CLO consists of $195 million of class A-1 senior secured floating-rate notes at SOFR plus 146 basis points, $6 million of class A-2 senior secured floating-rate notes at SOFR plus 180 bps, $27 million of class B senior secured floating-rate notes at SOFR plus 220 bps, $18 million of class C senior secured deferrable floating-rate notes at SOFR plus 270 bps, $18 million of class D-1 senior secured deferrable floating-rate notes at SOFR plus 455 bps, $4.5 million of class D-2 senior secured deferrable floating-rate notes at SOFR plus 556 bps, $6 million of class E senior secured deferrable floating-rate notes at SOFR plus 755 bps and $28.4 million of subordinated notes.
LCM Asset Management LLC will manage the collateral through the end of the reinvestment period on April 15, 2027.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting April 9, 2025.
BofA Securities Inc. was the placement agent.
The New York City-based asset management firm is an affiliated of LCM Asset Management LLC.
| Issuer: | LCM 41 Ltd./LCM 41 LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $302.9 million
|
| Maturity: | April 15, 2036
|
| Structure: | Cash flow CLO
|
| Placement agent: | BofA Securities Inc.
|
| Manager: | LCM Asset Management LLC
|
| Call feature: | April 9, 2025
|
| Pricing date: | April 1
|
| Settlement date: | April 9
|
|
|
| Class A-1 notes
|
| Amount: | $195 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 146 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $6 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 180 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $27 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 220 bps
|
| Rating: | S&P: AA+
|
|
|
| Class C notes
|
| Amount: | $18 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 270 bps
|
| Rating: | S&P: A+
|
|
|
| Class D-1 notes
|
| Amount: | $18 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 455 bps
|
| Rating: | S&P: BBB+
|
|
|
| Class D-2 notes
|
| Amount: | $4.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 556 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $6 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 755 bps
|
| Rating: | S&P: BB+
|
|
|
| Subordinated notes
|
| Amount: | $28.4 million
|
| Securities: | Subordinated notes
|
|
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