BMO to price $359.18 million of notes, loans in Great Lakes CLO deal

By Cristal Cody

Tupelo, Miss., March 28 - BMO Asset Management Corp. plans to price $359.18 million of securities due 2025 in a collateralized loan obligation deal backed by middle-market loans, according to a market source on Friday.

The Great Lakes CLO 2014-1 Ltd./Great Lakes CLO 2014-1 LLC transaction includes $182.5 million of class A floating-rate notes (/AAA/), $15 million of class A floating-rate loans (/AAA/), $35 million of class B floating-rate notes, $29 million of class C deferrable floating-rate notes, $15.75 million of class D deferrable floating-rate notes, $31 million of class E deferrable floating-rate notes, $12.75 million of class F deferrable floating-rate notes and $38.18 million of subordinated notes.

Deutsche Bank Securities Inc. and BMO Capital Markets GKST Inc. are the placement agents.

BMO Asset Management will manage the CLO, which is collateralized by a revolving pool of senior secured loans to middle-market corporate borrowers.

The CLO has a two-year non-call period and a four-year reinvestment period.

BMO Asset Management, part of BMO Financial Group, was last in the CLO primary market with the series in December 2012 when it priced the $361.17 million Great Lakes CLO 2012-1 Ltd. transaction.

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