NewMark Capital prepares $400 million NewMark Capital Funding 2014-2 CLO offering

By Cristal Cody

Tupelo, Miss., May 23 - NewMark Capital Management, LLC plans to offer $400 million of notes due June 30, 2026 in the NewMark Capital Funding 2014-2 CLO Ltd./NewMark Capital Funding 2014-2 CLO LLC offering, according to a market source.

The deal includes $195.75 million of class A-1 floating-rate notes (/AAA/); $15 million of class A-2A floating-rate notes (/AAA/); $2.25 million of class A-2B floating-rate notes (/AAA/); $28 million of class A-F fixed-rate notes (/AAA/) and $5 million of class A-X floating-rate notes (/AAA/) at the top of the structure.

The offering also includes $27 million of class B-1 floating-rate notes (/AA/); $24 million of class B-F fixed-rate notes (/AA/); $26 million of class C deferrable floating-rate notes (/A/); $20 million of class D deferrable floating-rate notes (/BBB/); $20 million of class E deferrable floating-rate notes (/BB-/) and $37 million of subordinated notes.

Jefferies LLC is the placement agent.

NewMark Capital Management will manage the CLO. Guggenheim Partners Investment Management LLC is the designated back-up manager.

The deal is backed primarily by broadly syndicated senior secured corporate loans.

The CLO has a two-year non-callable period and a four-year reinvestment period.

NewMark Capital Management, an affiliate of investment firm HillMark Capital Management, LP, brought one CLO deal in 2013.

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