Mariner Investment plans $502 million Elm CLO 2014-1 offering

By Cristal Cody

Tupelo, Miss., Dec. 11 – Mariner Investment Group, LLC plans to price $502 million of notes due Jan. 17, 2023 in the Elm CLO 2014-1 Ltd./Elm CLO 2014-1 LLC offering, according to a market source.

The deal includes $331 million of class A floating-rate notes (//AAA); $38.25 million of class B-1 floating-rate notes; $17 million of class B-2 fixed-rate notes; $26.25 million of class C floating-rate notes; $25.25 million of class D floating-rate notes; $21 million of class E floating-rate notes and $43.25 million of subordinated notes.

BofA Merrill Lynch is the placement agent.

The CLO is non-callable for one year and does not have a reinvestment period.

The transaction is backed primarily by senior secured loans.

Proceeds from the deal will be used to purchase assets to reach a target portfolio of about $500 million of mainly leveraged loans.

Mariner Investment is an alternative asset management firm based in New York City.

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