BofA Raises $405M CLO For Sankaty Advisors

Bank of America Corp. has sold a $405 million collateralized loan obligation for Bain Capital’s credit affiliate Sankaty Advisors.

Bank of America Corp. (BofA) has sold a $405 million collateralized loan obligation (CLO) for Bain Capital’s credit affiliate Sankaty Advisors, Bloomberg reports. The CLO consists of a $251 million portion rated AAA by Standard & Poor’s.

The fund also consists of a $47 million AA graded part with a coupon of 250 basis points more than Libor, a $28 million A piece paying a coupon of 350 more than the benchmark, a $19 million BBB portion paying 475 and a $17 million BB slice paying 650. The CLO also includes a $43 million part of equity.

Click here for the story from Bloomberg.