Sankaty firms details for planned $516.75 million Avery Point II CLO

By Cristal Cody

Tupelo, Miss., June 7 - Sankaty Advisors LLC firmed details for an upcoming $516.75 million collateralized loan obligation offering of notes due 2025, according to market sources.

Avery Point II CLO Ltd. is expected to sell a $304 million tranche of class A notes (//AAA), $46 million of class B-1 notes; $25 million of class B-2 notes; $36 million of class C notes; $26 million of class D notes; $24 million of class E notes; $13.5 million of class F notes and $42.25 million of subordinated notes.

BofA Merrill Lynch is the underwriter.

Boston-based Sankaty Advisors, the credit investment unit of Bain Capital LLC, is the CLO manager.

The CLO will have a two-year non-call period and a four-year reinvestment period.

Proceeds will be used to purchase a portfolio of about $500 million of primarily leveraged loans.

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