Mountain Point Credit Management has issued its inaugural $500m (£370m) US collateralised loan obligation (CLO).
The credit manager said the Mountain Point CLO 1 invests in a portfolio of nearly 1,000 broadly syndicated senior secured loans.
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Mountain Point added that the transaction saw broad investor demand across the capital structure, with the AAA tranche pricing at SOFR +123 basis points.
“We’re pleased with the reception from a diverse group of institutional investors for our inaugural CLO,” said Kelly Byrne, founder and chief executive of Mountain Point. “We believe the demand reflects strong investor interest in Mountain Point’s innovative approach to the leveraged loan market.”
Read more: Permira Credit prices €403m European CLO amid ‘volatile environment’
Bank of America served as arranger for the CLO.
Mountain Point is a systematic credit manager that currently oversees nearly $2bn in assets under management.
Read more: Permira Credit prices €405m European CLO
