Deerpath Capital Management has reset a $452.61m (£336.5m) collateralised loan obligation (CLO).
The reset of the CLO, named Deerpath 2024-1, is the firm’s first since its launch in April 2024 and its first transaction of the year.
With this transaction, Deerpath has issued a total of 18 CLOs since 2018, amounting to approximately $7.8bn in total issuance.
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“We were very pleased with the execution of this transaction amid a highly volatile market environment,” said Derek Dubois, managing director and treasurer. “This reset underscores our continued access to the CLO market, even during periods of significant geopolitical disruption and economic uncertainty.”
Deerpath sold securities rated from AAA to BBB- to third-party institutional investors, including insurance companies, pension funds, banks and asset managers.
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“We successfully secured more favourable terms for our existing limited partner investors while offering CLO investors a conservatively structured, high-quality portfolio,” added Dubois.
GreensLedge Capital Markets acted as placement agent for the reset.
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