Alcentra successfully priced and closed Shackleton I CLO
NEW YORK & LONDON, 14 September 2012 — Alcentra NY, LLC, part of BNY Mellon, announced that it successfully priced and closed the $404 million Shackleton I CLO, Ltd., a collateralized loan obligation (“CLO”), in the US. This transaction is Alcentra's first CLO since the ECF Financing CLO B.V. in 2008 and is also its first in the US since 2007.
The success of the Shackleton I CLO, Ltd will provide a major boost to Alcentra’s US platform, increasing the number of CLOs managed by Alcentra to 14. This transaction follows the completion of Alcentra’s third US mezzanine fund, BNY Mellon-Alcentra Mezzanine III, L.P. which closed in August 2012.
Paul Hatfield, chief investment officer at Alcentra, comments "We are pleased to have priced and closed this CLO. As a leading player in the CLO market, this transaction demonstrates our continued commitment to CLO issuance. We intend to be back in the market with additional vehicles, assuming market conditions remain supportive."
The Shackleton I CLO, Ltd is an 11-year deal and has a four-year reinvestment period and a two-year non-call period. Jefferies and Company, Inc. acted as lead manager, with Mitsubishi UFJ Securities (USA), Inc. as co-lead manager. This CLO will be managed by William Lemberg, S senior portfolio manager and head of US loans at Alcentra.
The CLO industry saw increased demand from investors in 2012. Year to date (as at 30 August 2012*) $24.85 billion was raised, with $5.77 billion of CLO’s being issued in the month of August 2012, the biggest month for CLO issuance since the start of the global financial crisis.
Alcentra is an asset management and investment group focused on sub-investment grade debt capital markets in Europe and the United States. The group has an investment track record that dates back to 1998 and spans across 43 separate investment funds totalling approximately $17 billion. Alcentra is more than 95 percent owned by BNY Mellon and the remaining percentage is owned by the employees. More information can be found at www.alcentra.com.
BNY Mellon Investment Management is one of the world's leading investment management organizations and one of the top U.S. wealth managers, with $1.3 trillion in assets under management. It encompasses BNY Mellon’s affiliated investment management firms, wealth management services and global distribution companies. More information can be found at www.bnymellon.com.
BNY Mellon is a global financial services company focused on helping clients manage and service their financial assets, operating in 36 countries and serving more than 100 markets. BNY Mellon is a leading provider of financial services for institutions, corporations and high-net-worth individuals, offering superior investment management and investment services through a worldwide client-focused team. It has $27.1 trillion in assets under custody and administration and $1.3 trillion in assets under management, services $11.5 trillion in outstanding debt and processes global payments averaging $1.4 trillion per day. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation. Additional information is available on www.bnymellon.com or follow us on Twitter@BNYMellon.
'Alcentra' refers to both Alcentra Limited and Alcentra NY, LLC. Assets under management include assets managed by both companies. * Source: SecuritisationIntelligence. All other information source BNY Mellon as of June 30, 2012. This press release is qualified for issuance in the UK and US and is for information purposes only. It does not constitute an offer or solicitation of securities or investment services or an endorsement thereof in any jurisdiction or in any circumstance in which such offer or solicitation is unlawful or not authorized. This press release is issued by BNY Mellon Investment Management (US) and BNY Mellon Asset Management International Limited (ex-US) to members of the financial press and media and the information contained herein should not be construed as investment advice. Past performance is not a guide to future performance. The value of investments and the income from them is not guaranteed and can fall as well as rise due to stock market and currency movements. When you sell your investment you may get back less than you originally invested. Registered office of BNY Mellon Asset Management International Limited: BNY Mellon Centre, 160 Queen Victoria Street, London, EC4V 4LA. Registered in England no. 1118580. Authorized and regulated by the Financial Services Authority. A BNY Mellon Company.