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AllianceBernstein Closes Second Transaction for CLO Management Business

May 21, 2021, 07:22 AM
Filed Under: Industry News

AllianceBernstein announced the closing of AB BSL CLO 2, a $400 million collateralized loan obligation (CLO) with JPMorgan Chase acting as lead arranger.

This marks the second CLO for the firm's broadly syndicated loan and CLO management business established in 2019 and led by AB's Director of Leveraged Loans Scott Macklin. The business is initially funded with investments from Equitable Financial Life Insurance Company.

"We are very pleased by the receptivity of the CLO market to AB managed transactions, and are thankful to Equitable and the wide array of global liability investors who have entrusted us with their capital," said Gershon Distenfeld, Co-Head of Fixed Income and Director of Credit at AB. "The quality of execution reflects confidence in the firm's top performing, long-tenured leveraged finance platform and we look forward to our continued growth in the CLO market."

The firm's middle market direct lending platform, AB Private Credit Investors, has issued 12 CLO transactions since 2016 totaling $4.3 billion.

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