Crestline Buyers has closed a $1bn (£0.8bn) collateralised mortgage obligation (CLO) targeted on direct lending within the US center market.
The Crestline Direct Lending CLO I is without doubt one of the largest new difficulty middle-market CLOs to have been organized in 2024. It is going to be managed by Texas-based Crestline, and the entire fairness pursuits will likely be retained by its Crestline Specialty Lending III fund.
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“We’re grateful for the overwhelming quantity of curiosity from buyers,” mentioned Keith Williams, managing associate, credit score methods at Crestline Buyers.
“The success of this CLO is a testomony to the boldness our buyers place in us, in addition to the information and experience we now have constructed over a long time in center market lending.”
GreensLedge Capital Markets served as arranger and lead placement agent, NatWest Markets Securities Inc. served as co-placement agent and KeyBanc Capital Markets served as co-structuring agent.
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The CLO is rated by Customary & Poor’s and collateralised by a diversified portfolio of senior secured loans, originated and managed by Crestline, with a four-month reinvestment interval and a twelve-month non-call interval.
“We’re excited to proceed constructing on this strong CLO platform, which we consider will assist us ship constant worth to buyers by market cycles,” added Jeremiah Loeffler, managing director and COO of credit score at Crestline Buyers.
“We sit up for utilizing CLOs as an environment friendly capital supply in our future progress.”
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