LCM IX is seeking to raise $666.25 million by offering collateralized loan obligations (CLO), The Wall Street Journal reports. The proceeds from the note issuance will be used to buy a portfolio of $650 million of leveraged loans. The CLO, which will have a three-year reinvestment period, is being arranged by Bank of America Merrill Lynch. The portfolio consists of 98.4% senior secured loans and 1.6% second-lien loans.
Click here for the story from The Wall Street Journal.