The Oklahoma City-based independent oil and natural gas company American EnergyPermian Basin (AEPB) priced its high yield bond offering 200 basis points wider than talk.
Regiment Capital Advisors has sold management contracts for its four outstanding deals, Cavalry CLO II, Cavalry CLO III, Cavalry IV and Cavalry CLO V, with total assets of $1.6 billion, to Sankaty Advisors.
CIFC, the largest U.S. CLO manager by number of deals, is raising its own capital to finance risk retention compliance.
Robert Klein has left his role as lead portfolio manager for Prospect Capital Managements CLO platform to oversee the structured products portfolios at CIFC Corp.
The deal complies with U.S. rules, not yet in effect, that managers keep skin in the game of CLOs; an affiliate of, LCM Asset Management, the collateral manager, will retain, on an ongoing basis, 5% of the fair value of the notes.
That brought volume for the first nine months of the year to $78.6 billion, according to Thomson Reuters LPC. By comparison, at this point last year, issuance was $93.9 billion.
He will serve as managing director of structure capital markets for leveraged finance at the firm. He joins from CIFC Asset Management, where he was co-head of structured products.
The firm will sell its corporate aircraft lease and loan portfolio to Global Jet Capital, an up-and-coming player in the space, for $2.5 billion.
The historical collateral default rates of CLOs have varied significantly between managers, but the explanation may not solely lie within the performance of individual deals, according to a new study published by Moodys Investors Service.
The communications company will use the proceeds from the securitization to repay borrowings under its $1 billion junk-rated revolving credit facility.