LCM Asset Management markets $404.2 million notes in new LCM 29 CLO

By Cristal Cody

Tupelo, Miss., April 22 – LCM Asset Management LLC plans to price $404.2 million of notes due April 15, 2031 in the LCM 29 Ltd./LCM 29 LLC collateralized loan obligation deal, according to market sources.

The deal includes $2 million of class X senior floating-rate notes (Aaa/AAA); $240 million of class A-1 senior floating-rate notes (Aaa/AAA); $20 million of class A-2 senior floating-rate notes (Aaa/non-rated/); $44 million of class B senior floating-rate notes (AA); $24 million of class C deferrable mezzanine floating-rate notes (A); $24 million of class D deferrable mezzanine floating-rate notes (BBB-); $13.6 million of class E deferrable mezzanine floating-rate notes (BB-) and $36.6 million of subordinated notes.

Natixis Securities Americas LLC is the placement agent.

LCM Asset Management will manage the CLO.

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

Collateralization includes mostly broadly syndicated first-lien senior secured corporate loans.

The offering is expected to close June 6.

LCM priced the $404.55 million LCM 30 Ltd./LCM 30 LLC transaction in March with the deal set to close April 25.

The New York City-based asset management firm is a subsidiary of Tetragon Financial Group Ltd.

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