Editorial & Advertiser Disclosure Global Banking And Finance Review is an independent publisher which offers News, information, Analysis, Opinion, Press Releases, Reviews, Research reports covering various economies, industries, products, services and companies. The content available on globalbankingandfinance.com is sourced by a mixture of different methods which is not limited to content produced and supplied by various staff writers, journalists, freelancers, individuals, organizations, companies, PR agencies Sponsored Posts etc. The information available on this website is purely for educational and informational purposes only. We cannot guarantee the accuracy or applicability of any of the information provided at globalbankingandfinance.com with respect to your individual or personal circumstances. Please seek professional advice from a qualified professional before making any financial decisions. Globalbankingandfinance.com also links to various third party websites and we cannot guarantee the accuracy or applicability of the information provided by third party websites. Links from various articles on our site to third party websites are a mixture of non-sponsored links and sponsored links. Only a very small fraction of the links which point to external websites are affiliate links. Some of the links which you may click on our website may link to various products and services from our partners who may compensate us if you buy a service or product or fill a form or install an app. This will not incur additional cost to you. A very few articles on our website are sponsored posts or paid advertorials. These are marked as sponsored posts at the bottom of each post. For avoidance of any doubts and to make it easier for you to differentiate sponsored or non-sponsored articles or links, you may consider all articles on our site or all links to external websites as sponsored . Please note that some of the services or products which we talk about carry a high level of risk and may not be suitable for everyone. These may be complex services or products and we request the readers to consider this purely from an educational standpoint. The information provided on this website is general in nature. Global Banking & Finance Review expressly disclaims any liability without any limitation which may arise directly or indirectly from the use of such information.

MILBANK ADVISES INITIAL PURCHASER IN LARGEST CLO TRANSACTION OF 2014

Firm represents BofA Merrill Lynch in $1 billion CLO managed by Onex Credit Partners

Continuing its active work at the center of a resurgent market for collateralized loan obligations, Milbank, Tweed, Hadley & McCloy has represented the lead initial purchaser in an approximately $1 billion CLO managed by Onex Credit Partners, LLC (Onex Credit).  It is the largest CLO deal closed through the first half of 2014.

Milbank advised BofA Merrill Lynch as initial purchaser in structuring and issuing the CLO securities.  Onex Credit, which is the credit investing arm of Onex Corporation, will serve as portfolio manager.  This was Onex Credit’s sixth CLO transaction and first to allow compliance with European Union Risk Retention requirements for affected investors.

Elizabeth Besio Hardin
Elizabeth Besio Hardin

Milbank partner Elizabeth Hardin led the deal team, which included associates Brian Youn, Jenna Hartnett and John McManmon and Claire Hall (London). Securities, corporate and tax support was provided by partners Jay Grushkin, James Warbey (London), Andrew Walker and Joel Krasnow.

“With a continued favorable interest rate environment and strong investor demand, CLO issuance has been on a tear, and we’re very pleased at the opportunity to work with both portfolio managers and placement agents in bringing major deals to market,” Ms. Hardin said.  “The offering for Onex Credit was a milestone for the company and it is the largest CLO so far this year in the U.S.  Milbank’s Alternative Investments Practice is expecting to be an active adviser in this segment through the rest of the year.”

Through the first half of 2014, Milbank has advised on over 20 CLO transactions priced and closed in the U.S. and Europe valued at approximately $10 billion in debt and equity issued.