Centre Pacific hires Bank of America to seek strategic alternatives

By Sara Rosenberg

New York, Sept. 16 - Centre Pacific LLC has hired Bank of America to look into strategic alternatives for the firm that could include a change in ownership, company officials told Prospect News on Friday.

Currently, the high-yield bond and leveraged loan asset manager is owned by a fund managed by Centre Partners. Centre Partners is considering the sale of its fund's investment in Centre Pacific.

Centre Pacific has already received interest from third parties and Bank of America was brought in to help coordinate the process, officials explained.

Centre Pacific portfolios include: $400 million Collateralized Bond Obligations called Rainier CBO I that closed July 2000; $400 million Collateralized Loan Obligations called Sierra CLO I that closed September 2000; $300 million CBO called Mammoth CBO I that closed May 2001; $1 billion Collateralized Synthetic Obligation called Cascade CSO that closed July 2003; $150 million Leveraged Loan Total Return Swap Facility that closed June 2003; $300 million CLO called Olympic CLO I that closed March 2004; $450 million CLO called Whitney CLO I that closed December 2004 and $300 million Mezzanine Asset Backed Obligations called Trinity CDO that closed in April.

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