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Crestline Investors Announces Closing of $361MM CLO

October 14, 2016, 07:09 AM
Filed Under: Industry News

Crestline Investors, Inc., a credit focused institutional alternative asset manager, announced the closing of a $361.0 million collateralized loan obligation ("CLO"), known as Crestline Denali CLO XIV, Ltd., by its Crestline Denali Capital unit.

The CLO will be backed by a portfolio of primarily senior-secured leveraged loans and will have an approximately four and one-quarter year reinvestment period and a two-year non-call period. This is the second CLO to be sponsored by Crestline in 2016 following the $358.8 million Denali Capital CLO XII, Ltd., which closed March 31, 2016.

David Killion, Chief Executive Officer of Crestline Denali Capital, said: "We are pleased with the successful closing of CLO XIV, our second issuance this year. We have continued to grow our base of investors globally including attracting investors from the United States, Europe and Asia. The continued growth of our investor base and the ability to issue two CLOs this year affirms the benefits of the Crestline Investors platform and our ability to structure transactions to meet the ongoing changes to the regulatory framework of our industry."

"The success of this transaction affirms Crestline's strategy of structuring CLOs intended to meet risk retention standards in the United States or Europe," said Douglas Bratton, Managing Partner & CIO of Crestline. "After the U.S. regulations take full effect at the end of this year, organizations such as Crestline that have prepared for the new regulatory requirements will be in a strong position to continue to pursue new issuance."

BNP Paribas acted as the arranger for the CLO.

Crestline Investors, Inc., founded in 1997 and based in Fort Worth, Texas, is a credit focused institutional alternative investment management firm with approximately $9.5 billion of assets under management. Crestline specializes in credit and opportunistic investments. In addition, the firm manages a multi-PM equity market-neutral hedge fund, and provides Beta and Hedging Solutions for Institutional clients. Headquartered in Fort Worth, TX, the company maintains affiliate offices in New York City, Chicago, London, Toronto and Tokyo.

Crestline Denali Capital, formed in October 2014 as a partnership between Crestline Investors and Denali Capital LLC, a specialized asset management company located in Oak Brook, Illinois. The company manages portfolios of leveraged commercial loans and related assets on behalf of its investors. The company currently has approximately $1.9 billion of assets under management and is an active investor across a broad spectrum of the syndicated leveraged loan market.

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