Fifth Street Management preps $309.45 million nine-tranche CLO

By Cristal Cody

Tupelo, Miss., Jan. 28 – Fifth Street Management LLC plans to price $309.45 million of notes due 2027 in a middle-market broadly syndicated collateralized loan obligation deal, according to a source.

The Fifth Street Senior Loan Fund I, LLC offering includes $172.5 million of class A floating-rate notes (/AAA/); $28 million of class B floating-rate notes; $11 million of class C-1 deferrable floating-rate notes; $12 million of class C-2 deferrable floating-rate notes; $11.75 million of class D-1 deferrable floating-rate notes; $10 million of class D-2 deferrable floating-rate notes; $18 million of class E deferrable floating-rate notes; $12 million of class F deferrable floating-rate notes and $34.2 million of subordinated notes.

Wells Fargo Securities LLC is the placement agent.

Fifth Street Management will manage the CLO, which has a two-year non-call period and a four-year reinvestment period.

The transaction is backed primarily by a portfolio of middle-market senior secured loans.

Fifth Street Management is an alternative asset manager based in Greenwich, Conn.

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