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Z Capital Credit Partners Closes $400MM Debut CLO

July 22, 2015, 07:12 AM
Filed Under: Industry News

Z Capital Credit Partners, the credit fund management arm of Z Capital Group, announced today the closing of a $400,750,000 collateralized loan obligation (CLO) managed by its affiliate, Z Capital CLO Management, L.L.C. ("Z Capital CLO Management"). Z Capital Credit Partners CLO 2015-1 Ltd. is Z Capital Credit Partners' debut CLO and was the first U.S. broadly syndicated loan CLO to price in 2015 that is managed by a first-time manager.

The CLO issued securities rated from AAA through B.  Z Capital CLO Management will retain a majority of the deal's subordinated notes. The CLO is backed primarily by a revolving pool of broadly syndicated senior secured loans, has a four and one-half year reinvestment period and is intended to comply with recent European securitization risk retention regulations.

"We are pleased that our inaugural CLO received strong support, representing a successful debut offering for Z Capital Credit Partners," said James Zenni, President and CEO of Z Capital. "The level of investor interest speaks to our principals' track record in CLO and broadly syndicated bank loan management, our robust credit platform and the expertise of the team at Z Capital Credit Partners. We are particularly pleased to offer an international base of investors access to a product that is intended to comply with recent European risk retention regulations and that seeks to generate attractive risk-adjusted returns in today's low interest rate environment."

Z Capital Credit Partners, L.L.C. is the credit fund management arm of Z Capital Group, L.L.C. Z Capital Credit Partners' strategy is to invest primarily in senior secured debt and other debt instruments with substantial assets and/or enterprise value, providing for downside protection.

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