MidOcean Credit Partners, an affiliate of MidOcean Partners, a premier New York-based alternative asset manager, has closed a USD600 million collateralised loan obligation (CLO), MidOcean Credit CLO VII.
The transaction was led by Goldman Sachs & Co.
The CLO will be backed by a portfolio of primarily senior-secured leveraged loans and will have a four-year reinvestment period and a two-year non-call period. The transaction is MidOcean’s first CLO structured to comply with US risk-retention rules.
Jim Wiant (pictured), Managing Director at MidOcean Credit Partners, says: “The successful closing of CLO VII, MidOcean’s largest CLO to date, demonstrates our ability to structure transactions that meet the demands of our investors in a dynamic regulatory environment. We are focused on continuing to generate strong performance for investors across our CLOs both in terms of overall portfolio credit quality and our ability to deliver attractive equity distributions with modest credit risk.”
Steve Shenfeld, President of MidOcean Credit Partners, adds: “Our experienced credit team has significant expertise investing and managing CLO portfolios. We are excited about the growth of MidOcean’s CLO business and believe it offers investors a compelling risk-adjusted return opportunity.”
