LCM Asset Management preps $617.5 million CLO offering

By Cristal Cody

Tupelo, Miss., June 26 – LCM Asset Management LLC plans to price $617.5 million of notes due 2027 in a collateralized loan obligation deal, according to a market source.

The LCM XIX LP/LCM XIX LLC transaction includes $363 million of class A floating-rate notes (/AAA/); $81 million of class B floating-rate notes (/AA/); $45 million of class C deferrable floating-rate notes (/A/); $34.5 million of class D deferrable floating-rate notes (/BBB/); $27 million of class E deferrable floating-rate notes (/BB-/) and $67 million of limited participation certificates.

Morgan Stanley & Co. LLC is the placement agent.

LCM Asset Management is the CLO manager.

The CLO has a two-year non-call period and a five-year reinvestment period.

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

LCM has priced one new CLO and refinanced a vintage 2012 CLO year to date.

The New York City-based asset management firm brought three CLO transactions in 2014.

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