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Brightwood Capital Prices $426MM Middle Market CLO

December 27, 2022, 07:09 AM
Filed Under: Private Equity

Brightwood Capital Advisors announced it has priced Brightwood Capital MM CLO 2020-1, Ltd. Reset, a $426 million collateralized loan obligation. This CLO represents the fourth CLO issued by the firm since 2019. The vehicle is backed by loans the firm has originated for Brightwood Capital Fund IV and is intended to provide that fund with non-recourse financing.

Brightwood has indications for securities rated from AAA through BB from third party investors, including insurance companies, banks and asset managers. Brightwood Capital Fund IV will continue to hold 100% of the subordinated notes issued by the CLO. GreensLedge Capital Markets, LLC will serve as sole arranger and lead placement agent. Raymond James & Associates and KeyBanc Capital Markets will serve as co-placement agents on the deal.

"We believe that the support from our new and existing investor base is a direct result of the success and hard work of the entire Brightwood team,” said Arlene Shaw, Managing Director and Treasurer of Brightwood. “In particular, the sale of the BB rated securities is a testament to investor confidence in Brightwood, developed through our deep relationships. While the market is very challenging, the exceptional work by our arranger and co-placements agents has been instrumental in getting this deal done. We are very thankful for our partnership with GreensLedge, Raymond James and KeyBanc.”

"We're pleased to see a continuation of strong investor interest in our financing as the market becomes increasingly challenging,” Sengal Selassie, Managing Partner and Chief Executive Officer of Brightwood added. “We believe this transaction speaks to the strength of our CLO platform and the success of the deal is a culmination of the hard work of the Brightwood team, the long-standing relationships that have been developed over 20+ years, and the incredible support we have had from investors."

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