Elmwood CLO XII Ltd. Debt Assigned Preliminary Ratings In Connection With Proposed Refinancing And Extension

We reviewed Elmwood CLO XII Ltd., which, based on its proposed supplemental indenture, is expected to refinance its class A-L, A, B, C, D, E, and F debt on Oct. 3, 2024, through an optional redemption and replacement debt issuance. After analyzing the changes to the transaction, we assigned our preliminary ratings to the replacement class A-L-R loans and class A-R, B-R, C-R, D-1-R, D-2-R, E-R, and F-R debt. The original debt is expected to be fully redeemed with the proceeds from the replacement debt on the refinancing date. The preliminary ratings reflect our view of the credit support available to the refinanced debt after examining the new capital structure and payment mechanics. NEW YORK (S&P Global Ratings) Oct. 2,

...- We reviewed Elmwood CLO XII Ltd., which, based on its proposed supplemental indenture, is expected to refinance its class A-L, A, B, C, D, E, and F debt on Oct. 3, 2024, through an optional redemption and replacement debt issuance. - After analyzing the changes to the transaction, we assigned our preliminary ratings to the replacement class A-L-R loans and class A-R, B-R, C-R, D-1-R, D-2-R, E-R, and F-R debt. The original debt is expected to be fully redeemed with the proceeds from the replacement debt on the refinancing date. - The preliminary ratings reflect our view of the credit support available to the refinanced debt after examining the new capital structure and payment mechanics. NEW YORK (S&P Global Ratings) Oct. 2, 2024--S&P Global Ratings today assigned its preliminary ratings to the class A-L-R loans and class A-R, B-R, C-R, D-1-R, D-2-R, E-R, and F-R replacement debt from Elmwood CLO XII Ltd./Elmwood CLO XII LLC, a CLO originally issued in December 2021 that is managed by...

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