Deutsche Asset & Wealth Management to sell $441.81 million of notes in Flagship VII CLO

By Cristal Cody

Tupelo, Miss., Dec. 19 - Deutsche Asset & Wealth Management intends to offer $441.81 million of notes due January 2026 in the Flagship VII Ltd./Flagship VII LLC CLO transaction, according to a market source.

The deal includes $241 million of class A-1 floating-rate notes (/AAA/); $20 million of class A-2 fixed-rate notes (/AAA/); $60.55 million of class B floating-rate notes (/AA/); $29.2 million of class C deferrable floating-rate notes (/A/); $23.1 million of class D deferrable floating-rate notes (/BBB/); $18.6 million of class E deferrable floating-rate notes (/BB/); $9.55 million of class F deferrable floating-rate notes (/B/) and $39.71 million of subordinated notes.

Deutsche Bank Securities Inc. will arrange the transaction.

The CLO has a non-callable period that ends January 2016 and a reinvestment period that ends January 2018.

The offering is backed by a revolving pool of broadly syndicated senior secured loans.

The deal is expected to close on Feb. 5.

Deutsche Asset & Wealth Management, part of Deutsche Bank AG, last priced a CLO in the Flagship series in 2007 when it sold the $500 million Flagship CLO VI fund.

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