At a glance
- The deal follows the $3 billion credit manager's inaugural $500 million CLO, which closed in April.
- Mountain Point CLO 2 invests in a portfolio of broadly syndicated senior secured loans.
- For allocators, the two Mountain Point deals make a direct comparison: $500 million each, in the same broadly syndicated senior secured mandate.
Mountain Point Credit Management closed Mountain Point CLO 2, a $500 million new-issue US collateralised loan obligation arranged by Bank of America, Alternative Credit Investor reported.
The deal follows the $3 billion credit manager's inaugural $500 million CLO, which closed in April.
Mountain Point CLO 2 invests in a portfolio of broadly syndicated senior secured loans. Terms were not disclosed. Crescent Capital priced a $406.9 million CLO on Nov. 4, as Private Wealth Daily previously reported. Kelly Byrne, the founder and chief executive, said: "Closing our second CLO is a major step in establishing Mountain Point as a long-term participant in the structured credit market."
For allocators, the two Mountain Point deals make a direct comparison: $500 million each, in the same broadly syndicated senior secured mandate. The second vintage is the manager's first repeat-execution data point.
Closing our second CLO is a major step in establishing Mountain Point as a long-term participant in the structured credit market.Kelly Byrne, founder and chief executive of Mountain Point
Reported by the Fund launches & raises desk from Alternative Credit Investor. Published . Corrections