Collateralized loan obligation

Saratoga Investment Corp. Prices Offering of $50 Million of 4.375% Notes Due 2026

Wednesday, March 3, 2021 - 9:06pm

NEW YORK, NY, March 03, 2021 (GLOBE NEWSWIRE) -- Saratoga Investment Corp. (NYSE: SAR) (the Company) today announced that it priced a public offering of $50million aggregate principal amount of 4.375% notes due 2026 (the Notes) on March 3, 2021.

Key Points: 
  • NEW YORK, NY, March 03, 2021 (GLOBE NEWSWIRE) -- Saratoga Investment Corp. (NYSE: SAR) (the Company) today announced that it priced a public offering of $50million aggregate principal amount of 4.375% notes due 2026 (the Notes) on March 3, 2021.
  • Saratoga Investment Corp. has elected to be regulated as a business development company under the Investment Company Act of 1940 and is externally-managed by Saratoga Investment Advisors, LLC, an SEC-registered investment advisor focusing on private credit and equity-driven strategies.
  • Saratoga Investment Corp. owns two SBIC-licensed subsidiaries and manages a collateralized loan obligation (the Saratoga CLO) fund.
  • It also owns 100% of the Class F-R-3 and subordinated notes of the $650 million Saratoga CLO.

KBRA Assigns Preliminary Ratings to ICG US CLO 2021-2, Ltd.

Wednesday, March 3, 2021 - 9:35pm

Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes issued by ICG US CLO 2021-2, Ltd. (ICG US CLO 2021-2), a cash flow collateralized loan obligation (CLO) back by a diversified portfolio of broadly syndicated corporate loans.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes issued by ICG US CLO 2021-2, Ltd. (ICG US CLO 2021-2), a cash flow collateralized loan obligation (CLO) back by a diversified portfolio of broadly syndicated corporate loans.
  • ICG US CLO 2021-2 is managed by ICG Debt Advisors LLC (ICG or the collateral manager) and will have a five-year reinvestment period.
  • The ratings reflect initial credit enhancement levels, excess spread, and coverage tests including overcollateralization ratio and interest coverage tests.
  • The collateral in ICG US CLO 2021-2 will mainly consist of broadly syndicated leveraged loans issued by corporate obligors diversified across sectors.

KBRA Releases Research – Coronavirus (COVID-19): U.S. BSL CLO Sector Exposure Map: January 2021

Tuesday, February 23, 2021 - 6:59pm

Kroll Bond Rating Agency (KBRA) releases a report which details U.S. broadly syndicated loan (BSL) collateralized loan obligation (CLO) exposure to corporate sectors amid the ongoing coronavirus (COVID-19) pandemic.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) releases a report which details U.S. broadly syndicated loan (BSL) collateralized loan obligation (CLO) exposure to corporate sectors amid the ongoing coronavirus (COVID-19) pandemic.
  • In this report, we provide an update on U.S. CLO sector exposure and overall industry credit quality, based on reported data from March 2020 through January 2021 trustee reports for a representative sample of transactions.
  • We also include the Structured Credit Publication Index, which contains links to recent KBRA reports within the Structured Credit sector.
  • Coronavirus (COVID-19): U.S. BSL CLO Sector Exposure Map: December 2020
    KBRA is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO.

KBRA Assigns Preliminary Ratings to Wind River 2021-1 CLO Ltd.

Monday, February 22, 2021 - 11:25pm

Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes issued by Wind River 2021-1 CLO Ltd. (Wind River 2021-1), a cash flow collateralized loan obligation (CLO) backed by a diversified portfolio of broadly syndicated senior secured leveraged loans.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes issued by Wind River 2021-1 CLO Ltd. (Wind River 2021-1), a cash flow collateralized loan obligation (CLO) backed by a diversified portfolio of broadly syndicated senior secured leveraged loans.
  • Wind River 2021-1 is managed by First Eagle Alternative Credit, LLC (First Eagle or the collateral manager) and will have a five-year reinvestment period.
  • The ratings reflect initial credit enhancement levels, excess spread, and coverage tests including overcollateralization ratio and interest coverage tests.
  • The collateral in Wind River 2021-1 will mainly consist of broadly syndicated senior secured leveraged loans issued by corporate obligors diversified across sectors.

OFS Credit Company Provides January 2021 Net Asset Value Update

Wednesday, February 17, 2021 - 9:00pm

OFS Credit Company, Inc. (NASDAQ: OCCI) (OFS Credit, the Company, we, us or our), an investment company that primarily invests in collateralized loan obligation (CLO) equity and debt securities, today announced the following net asset value (NAV) estimate as of January 31, 2021.

Key Points: 
  • OFS Credit Company, Inc. (NASDAQ: OCCI) (OFS Credit, the Company, we, us or our), an investment company that primarily invests in collateralized loan obligation (CLO) equity and debt securities, today announced the following net asset value (NAV) estimate as of January 31, 2021.
  • Managements unaudited estimate of the range of our NAV per share of our common stock as of January 31, 2021 is between $14.09 and $14.19.
  • This estimate is not a comprehensive statement of our financial condition or results for the month ended January 31, 2021.
  • OFS Credit is a non-diversified, externally managed closed-end management investment company.

KBRA Assigns Preliminary Ratings to BlackRock Rainier CLO VI, Ltd.

Tuesday, February 9, 2021 - 11:32pm

Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to five classes of notes and one class of loans issued by BlackRock Rainier CLO VI, Ltd. (BlackRock Rainier CLO VI), a cash flow collateralized loan obligation (CLO) back by a diversified portfolio of middle market corporate loans.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to five classes of notes and one class of loans issued by BlackRock Rainier CLO VI, Ltd. (BlackRock Rainier CLO VI), a cash flow collateralized loan obligation (CLO) back by a diversified portfolio of middle market corporate loans.
  • BlackRock Rainier CLO VI is managed by BlackRock Capital Investment Advisors, LLC (BlackRock or the collateral manager) and will have a four-year reinvestment period.
  • The ratings reflect initial credit enhancement levels, excess spread, and coverage tests including overcollateralization ratio and interest coverage tests.
  • The collateral in BlackRock Rainier CLO VI will mainly consist of middle market leveraged loans issued by corporate obligors diversified across sectors.

KBRA Assigns Preliminary Ratings to Octagon 52, Ltd.

Friday, February 5, 2021 - 11:12pm

Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes issued by Octagon 52, Ltd. (Octagon 52), a cash flow collateralized loan obligation (CLO) backed by a diversified portfolio of broadly syndicated senior secured leveraged loans.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes issued by Octagon 52, Ltd. (Octagon 52), a cash flow collateralized loan obligation (CLO) backed by a diversified portfolio of broadly syndicated senior secured leveraged loans.
  • Octagon 52 is managed by Octagon Credit Investors, LLC (Octagon or the collateral manager) and will have a five-year reinvestment period.
  • The ratings reflect initial credit enhancement levels, excess spread, and coverage tests including overcollateralization ratio and interest coverage tests.
  • KBRAs preliminary ratings on the Class C and D Notes consider ultimate payment of interest and principal by the applicable stated maturity date.

KBRA Assigns Preliminary Ratings to Bardin Hill CLO 2021-1 Ltd.

Friday, February 5, 2021 - 8:31pm

Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes issued by Bardin Hill CLO 2021-1 Ltd. (Bardin Hill 2021-1), a cash flow collateralized loan obligation (CLO) backed by a diversified portfolio of broadly syndicated senior secured leveraged loans.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes issued by Bardin Hill CLO 2021-1 Ltd. (Bardin Hill 2021-1), a cash flow collateralized loan obligation (CLO) backed by a diversified portfolio of broadly syndicated senior secured leveraged loans.
  • Bardin Hill 2021-1 is managed by Bardin Hill Performing Credit Management LLC (BHPCM or the collateral manager) and will have a five-year reinvestment period.
  • The collateral in Bardin Hill 2021-1 will mainly consist of broadly syndicated senior secured leveraged loans issued by corporate obligors diversified across sectors.
  • Bardin Hill Investment Partners LP (Bardin Hill) is a global investment management firm that specializes in credit strategies and event-driven equities.

AGL Appoints David Preston as Head of Structured Credit Research

Monday, February 1, 2021 - 2:15pm

NEW YORK, Feb. 1, 2021 /PRNewswire/ --AGL Credit Management LP ("AGL"), a registered investment advisor specializing in innovative solutions based on bank loans, today announced the appointment ofDavid Preston, CFA,as Head of Structured Credit Research, effective immediately.

Key Points: 
  • NEW YORK, Feb. 1, 2021 /PRNewswire/ --AGL Credit Management LP ("AGL"), a registered investment advisor specializing in innovative solutions based on bank loans, today announced the appointment ofDavid Preston, CFA,as Head of Structured Credit Research, effective immediately.
  • Preston was the head of ABS & CLO research at Wells Fargo Securities, leading a client facing research group covering Collateralized Loan Obligations (CLOs), Middle Market CLOs, and Asset Backed Securities (ABS).
  • "Dave is a recognized leader in structured credit research, and he will take us to a new level in target return analytics, plus all quantitative and data aspects of fund management," saidPeter Gleysteen.
  • AGL Credit Management LP ("AGL") is a private credit investment firm and registered investment adviser specializing in innovative product solutions designed to deliver secure, stable, and scalable returns based on bank loans.

Ares Commercial Real Estate Corporation Closes $667 Million CRE CLO

Friday, January 29, 2021 - 11:30am

Ares Commercial Real Estate Corporation (NYSE: ACRE) (the Company or ACRE) announced today that the Company, through wholly owned indirect subsidiaries, closed an approximately $667 million commercial real estate collateralized loan obligation (CRE CLO).

Key Points: 
  • Ares Commercial Real Estate Corporation (NYSE: ACRE) (the Company or ACRE) announced today that the Company, through wholly owned indirect subsidiaries, closed an approximately $667 million commercial real estate collateralized loan obligation (CRE CLO).
  • Our ability to close $146 million of new loans concurrently with the closing of the CRE CLO is another example of how Ares real estate debt warehouse facility brings substantial benefits to ACRE.
  • Ares Commercial Real Estate Corporation is a specialty finance company primarily engaged in originating and investing in commercial real estate loans and related investments.
  • Ares Commercial Real Estate Corporation elected and qualified to be taxed as a real estate investment trust and is externally managed by a subsidiary of Ares Management Corporation.