LCM Asset Management prepares to bring $410.5 million CLO transaction

By Cristal Cody

Tupelo, Miss., Aug. 22 – LCM Asset Management LLC intends to offer $410.5 million of notes due 2026 in the LCM XVII LP/LCM XVII LLC collateralized loan obligation deal, according to a market source.

The offering includes $255 million of class A floating-rate notes (/AAA/); $29 million of class B-1 floating-rate notes (/AA/); $24 million of class B-2 fixed-rate notes (/AA/); $22 million of class C deferrable floating-rate notes (/A/); $18 million of class D deferrable floating-rate notes (/BBB/); $20 million of class E deferrable floating-rate notes (/BB/) and $42.5 million of subordinated notes.

BofA Merrill Lynch is the placement agent.

LCM Asset Management will manage the CLO.

The CLO is expected to have a two-year non-call period and a four-year reinvestment period.

The offering will be backed primarily by broadly syndicated senior secured corporate loans.

LCM, a New York City-based asset management firm, has priced two CLO deals in 2014, including the $725.6 million LCM XVI LP/LCM XVI LLC transaction on May 12.

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