AllianceBernstein Closes Third Transaction for CLO Management Business
AllianceBernstein (AB) has successfully closed its third collateralized loan obligation (CLO), AB BSL CLO 3, valued at $500 million, with Citigroup as the lead arranger.
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Rhea-AI Summary
AllianceBernstein (AB) has successfully closed its third collateralized loan obligation (CLO), AB BSL CLO 3, valued at $500 million, with Citigroup as the lead arranger. This deal highlights AB's expanding CLO management business initiated in 2019 under the leadership of Scott Macklin. The firm's CLO platform has issued 12 transactions since 2016, accumulating a total of $4.3 billion in financing. AB aims to further strengthen its investor relationships and CLO operations, supported by investment from Equitable Financial Life Insurance Company.
Positive
- Closing of AB BSL CLO 3 valued at $500 million enhances AB's CLO management capabilities.
- Established partnership with Equitable Financial Life Insurance Company strengthens funding sources.
- AB's CLO management platform continues to grow, indicating strong investor confidence.
Negative
- None.
Details
News Market Reaction – AB
The recorded move for AB in the trading session of this news was -0.82%.
Data tracked by StockTitan Argus. Session date unavailable.
AI-generated analysis. How Rhea-AI works. Not financial advice.
NASHVILLE, Tenn., Oct. 12, 2021 /PRNewswire/ -- AllianceBernstein L.P. ("AB") (NYSE: AB), a leading global investment manager, today announced the closing of AB BSL CLO 3, a
This marks the third CLO for the firm's broadly syndicated loan and CLO management business established in 2019 and led by AB's Director of Leveraged Loans Scott Macklin. The business is initially funded with investments from Equitable Financial Life Insurance Company.
"AB's CLO management platform continues to grow thanks to our strong partnership with Equitable and our ability to develop and deepen investor relationships," said AB's Co-Head of Fixed Income and Director of Credit Gershon Distenfeld. "As we continue to strengthen and enhance our CLO business, we look forward to working with our capital partners."
The firm's middle market direct lending platform, AB Private Credit Investors, has issued 12 CLO transactions since 2016 totaling
About AllianceBernstein
AllianceBernstein is a leading global investment management firm that offers high-quality research and diversified investment services to institutional investors, individuals and private wealth clients in major world markets.
As of June 30, 2021, including both the general partnership and limited partnership interests in AllianceBernstein, AllianceBernstein Holding owned approximately
Additional information about AB may be found on our website, www.alliancebernstein.com.
View original content:https://www.prnewswire.com/news-releases/alliancebernstein-closes-third-transaction-for-clo-management-business-301397847.html
SOURCE AllianceBernstein
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