Citigroup is seeking to raise a $400 million loan fund to be run by Blackrock, Bloomberg reports. The collateralized loan obligation (CLO), BMI CLO I, is likely to include a $259 million portion. The vehicle is also expected to consist of a $27 million slice and a $35 million slice. The BMI CLO I will also include $41.7 million of equity, which takes the first losses if companies in the pool of loans default.
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