Chicago, April 23 – ICG Debt Advisors LLC sold $406 million of notes in a collateralized loan obligation being issued by ICG US CLO 2024-1 Ltd./ICG US CLO 2024-1 LLC, according to a presale report.
The notes will mature on April 15, 2037.
The CLO consists of $248 million of class A-1 senior secured floating-rate notes at SOFR plus 160 basis points, $8 million of class A-2 senior secured floating-rate notes at SOFR plus 175 bps, $48 million of class B senior secured floating-rate notes at SOFR plus 210 bps, $24 million of class C senior secured deferrable floating-rate notes at SOFR plus 260 bps, $18 million of class D-1 senior secured deferrable floating-rate notes at SOFR plus 390 bps, $6 million of class D-2 senior secured deferrable floating-rate notes at SOFR plus 590 bps, $15 million of class E senior secured deferrable floating-rate notes at SOFR plus 708 bps and $39 million of subordinated notes.
ICG Debt Advisors LLC will manage the collateral through the end of the reinvestment period on April 15, 2029.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting April 15, 2026.
J.P. Morgan Securities LLC was the placement agent.
The firm is a subsidiary of London-based parent company Intermediate Capital Group plc.
| Issuer: | ICG US CLO 2024-1 Ltd./ICG US CLO 2024-1 LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $406 million
|
| Maturity: | April 15, 2037
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities LLC
|
| Manager: | ICG Debt Advisors LLC
|
| Call feature: | April 15, 2026
|
| Pricing date: | April 16
|
| Settlement date: | May 9
|
|
|
| Class A-1 notes
|
| Amount: | $248 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 160 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $8 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 175 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $48 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 210 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 260 bps
|
| Rating: | S&P: A
|
|
|
| Class D-1 notes
|
| Amount: | $18 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 390 bps
|
| Rating: | S&P: BBB
|
|
|
| Class D-2 notes
|
| Amount: | $6 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 590 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $15 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 708 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $39 million
|
| Securities: | Subordinated notes
|
|
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