Telos Asset Management preps $359.9 million Telos CLO 2014-6 offering

By Cristal Cody

Tupelo, Miss., Oct. 28 – Telos Asset Management LLC intends to price a $359.9 million collateralized loan obligation transaction, according to a market source on Tuesday.

The Telos CLO 2014-6, Ltd./Telos CLO 2014-6 LLC offering includes $161.5 million of class A-1 floating-rate notes (/AAA/); $60 million of class A-2 fixed-rate notes (/AAA/); $8 million of class B-1 floating-rate notes (/AA/); $34 million of class B-2 fixed-rate notes; $22 million of class C floating-rate notes (/A/); $20.5 million of class D floating-rate notes (/BBB/); $16.5 million of class E floating-rate notes and $37.4 million of subordinated notes.

BNP Paribas Securities Corp. will arrange the offering.

Telos Asset Management will manage the CLO.

The notes are due Nov. 30, 2026.

The CLO is non-callable until Nov. 30, 2016. The reinvestment period ends Nov. 30, 2018.

The deal is collateralized mainly by broadly syndicated senior secured loans.

The company said in July that it had entered into a $140 million credit facility in anticipation of the issuance of CLO notes.

Telos Asset Management priced the $412.35 million Telos CLO 2014-5, Ltd./Telos CLO 2014-5 LLC transaction on April 11, 2014.

The asset management company, a subsidiary of New York-based Tiptree Financial Inc., brought the $365.3 million Telos CLO 2013-4, Ltd. offering and the $361.4 million Telos CLO 2013-3, Ltd. deal in 2013.

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