Within a span of two weeks at the end of April and the beginning of May, Milbank, Tweed, Hadley & McCloy LLP advised financial institution and collateral manager clients on the three largest collateralized loan obligation (CLO) transactions that have closed to date in 2014. These three deals totalled approximately $2.44 billion in principal amount. Some highlights of these deals are as follows:
- CIFC Asset Management LLC/RBS
Milbank advised CIFC Asset Management LLC, in its capacity as collateral manager, on the structuring and issuance of approximately $828.6 million of CLO securities in a transaction in which RBS Securities Inc. served as placement agent. Partner Jay Grushkin led the Milbank team, which included associates Nick Robinson and Brian Troxler.
- Prudential/Dryden 33
Milbank advised Prudential Investment Management, Inc., in its capacity as collateral manager, and acted as transaction counsel, in the structuring and issuance of approximately $811.75 million of CLO securities in a transaction in which Goldman, Sachs & Co. served as placement agent. Partner Jay Grushkin led the Milbank team, which included associates Adrienne Weiner and Brian Troxler.
- Natixis/Fortress Investment Group
Milbank advised Natixis Securities Americas LLC, in its capacity as placement agent, and acted as transaction counsel in the structuring and issuance of approximately $800 million of CLO securities in a transaction managed by an affiliate of Fortress Investment Group. Partner Eric Moser led the Milbank team, which included associates Nick Robinson, Brian Youn and Brian Troxler.
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“We have advised on 15 CLOs that have closed or priced during 2014 (including 2 European CLOs), which involve the issuance of more than $7.5 billion of securities” said Milbank partner Jay Grushkin. This also includes CLO representations led by Milbank partners Deb Festa (LA), Elizabeth Hardin (NY) and James Warbey (London) with support from numerous associates (including Jonathan Goldfinch, Camilla Graham, Claire Hall, Jenna Hartnett, David Kaye, John McManmon, Sara Mischner, Christopher Wall and Derrick Zandpour) and tax and ERISA teams led by partners Andrew Walker and Joel Krasnow. “We’ve advised both placement agents as well as managers who are active in the current CLO sector, and we look forward to working with our clients during what we expect to be a record-setting 2014 for CLOs.”