Cutwater Asset Management closes USD415.4m debut CLO
Cutwater Asset Management has closed a USD415 million collateralised loan obligation (CLO).
The notes are backed primarily by USD-denominated first lien senior secured broadly syndicated loans.
Natixis, the corporate, investment and financial services arm of Groupe BPCE, acted as sole lead arranger for the offering.
The transaction marks Cutwater’s entry to the CLO market and will be managed by Alex Jackson, managing director and head of Cutwater’s bank loan group.
“We are excited to launch our first loan offering which builds upon the firm’s 20-year history of managing credit-oriented assets for institutions,” says Clifford D Corso, chief executive and chief investment officer of Cutwater. “Cutwater's entry into the loan market is a natural fit as it combines our long history in managing various types of credit-based instruments with existing and extensive experience in managing collateralised debt obligations.”
Kevin Alexander, head of fixed income, global markets Americas at Natixis, says: “Natixis is pleased to have arranged, structured and placed this debut CLO for Cutwater Asset Management. We look forward to the opportunity to deepen our relationship with Cutwater.”
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