Whitebox Capital offers $402.1 million of notes in debut CLO offering

By Cristal Cody

Tupelo, Miss., July 9 – Whitebox Capital Management, LLC plans to price $402.1 million of notes due July 24, 2032 in a debut Whitebox CLO I Ltd./Whitebox CLO I LLC transaction, according to a market source and an S&P Global Ratings release on Tuesday.

The deal includes $43.56 million of class AN-A floating-rate notes (AAA); $249.28 million of class A-L floating-rate notes (AA); $11.16 million of class AN-B floating-rate notes (AA); $22 million of class B deferrable floating-rate notes (A); $24 million of class C deferrable floating-rate notes (BBB-); $16 million of class D deferrable floating-rate notes (BB-) and $36.1 million of subordinated notes.

J.P. Morgan Securities LLC is the placement agent.

Whitebox Capital will manage the CLO, which has a two-year non-call period and a five-year reinvestment period.

The CLO is collateralized primarily by broadly syndicated senior secured loans.

The deal is expected to settle Aug. 22.

Whitebox Capital Management is a subsidiary of Minneapolis-based alternative asset manager Whitebox Advisors LLC.

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