Morgan Lewis adds to structured finance team in Chicago
Jeff Weinstein and Patrick Lampe join from the Chicago office of Sidley Austin; Morgan Lewis partner Philip Russell is relocating from the firm’s New York office.
CLOs
DFG launches 3rd CLO of 2018 in $510M transaction
DFG Investment Advisers, led by former Goldman and HVB Group veterans, will exceed $4.2B in CLO assets under management with the latest deal.
By
Glen Fest
GSO/Blackstone marks debut middle-market CLO
The $502 million Diamond CLO represents the first securitization of small/medium enterprise loans since Blackstone in the second quarter relaunched a direct lending business.
By
Glen Fest
Guardian Life unit issued debut CLO in 2016; now it’s refinancing
Once refinanced, the $406 million Park Avenue Institutional Advisors CLO 2016-1 will be non-callable for two years and can be actively managed for up to five years.
By
Glen Fest
Carlyle extends its refinancing spree to to middle-market CLOs
The $449.2 million Carlyle Direct Lending CLO 2015-1R is the 11th deal the global alternative asset manager has refinanced this year.
By
Glen Fest
Eagle Point, Oxford Capital gearing up for turn in credit cycle
Execs at both closed-end funds say expectations for an eventual rise in defaults are driving their strategy to extend reinvestment periods on CLOs in their portfolios.
By
Glen Fest
GSO/Blackstone printing its 5th ‘Park’-platform CLO of the year
The distressed-debt manager now manages 26 U.S. CLOs totaling $15.5 billion, the most of any domestic CLO market manager.
By
Glen Fest
PGIM, Barclays ready rare pound-denominated European CLOs
The £325 million Dryden 63 CLO, sponsored by PGIM, will issue six classes of sterling-denominated notes; Barclays’ £4.5 billion Sirius Funding is issuing three tranches in three different currencies.
By
Glen Fest
Hunt Mortgage’s 2nd CRE CLO will be more actively managed
The eligibility criteria for loans that can be acquired are “more liberal” than recent CRE CLOs rated by Kroll; they are also more liberal than those of Hunt’s initial CRE CLO, completed last year.
Carlyle prices second U.S. CLO of 2018 at wider AAA spreads
While Carlyle has been judicious with new issuance, it had a busier second quarter in refinancing older deals; several more will be ripe for refinancing in the third quarter.
By
Glen Fest
Singapore firm launching fund targeting BBB, BB tranches of U.S. CLOs
Mindful Wealth, an investment firm based in Singapore, is raising money to put to work in some of the riskier tranches of U.S. collateralized loan obligations, those rated BBB and B.
Investors unknowingly consenting to changes in CLO terms, Moody’s warns
Recent documentation tweaks that afford "excessive amounts of flexibility" to CLO managers can introduce "material, and even unquantifiable, risks" into transactions, according to the rating agency.
By
Glen Fest
Monroe refis 2016 midmarket CLO, shaving 100 bps off senior spread
The Chicago-based corporate small-business lender and CLO management firm also reduced the cost in subordinate notes as it chose to maintain the existing reinvestment and maturity periods limiting the deal's shelf life.
By
Glen Fest
Ares’ 2nd Euro CLO of 2018 pricing wide of initial deal completed in February
The triple-A rated senior tranche of Ares European CLO X has a coupon of 85 basis points above Euribor, an indication that a four-month widening trend in Europe CLO spreads continues; the deal is expected to close in September.
By
Glen Fest
Shelter Growth Partners joins long list of bridge lenders issuing CRE CLOs
The transaction, Shelter Growth CRE 2018-FL1, is backed by 22 properties with a total balance of $415.1 million; it is static, meaning the only new loans to be added to the trust will be "companion” interest in loans secured by existing assets.
Playing hardball, Sound Point, ex-CLO manager take noncompete dispute to court
The New York State Supreme Court has ruled that Sound Point is within its rights to enforce a 90-day noncompete agreement with a manager who joined GoldenTree two weeks after his resignation.
By
Glen Fest
Eagle Point plans closed-end fund specializing in CLO BB notes
That's a departure from the firm's existing fund, which acquires controlling stakes in CLOs through "equity" holdings; the new fund will be advised by the same principals, Tom Majewski, Daniel W. Ko and Daniel M. Spinner.
By
Glen Fest
France’s Tikehau Capital to issue €400M CLO, its fourth
Tikehau CLO IV B.V. will control €400 million (UA$466.5 million) in mostly European leveraged loans and high-yield bonds (with an allowance for up to 25% of non-euro-denominated assets), according to Fitch Ratings.
By
Glen Fest
Money360 is the latest bridge lender to tap CRE CLO market
Unusually for a debut transaction, the $329.7 million M360 2018-CRE1 will be actively managed: For the first 12 months after the closing date, funds from repaid principal can be used to purchase new loans, subject to eligibility criteria.
Fortress refinancing and upsizing 2015-vintage Hildene CLO IV
When the transaction closes on July 23 it will be renamed Fortress Credit VSL VI; additional collateral, nearly half (48%) of the total, in fact, will come from another CLO, Fortress VI.
By
Glen Fest
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