By Cristal Cody
Tupelo, Miss., Sept. 12 - Highland Capital Management, LP priced $650 million of floating-rate and subordinated notes in the Acis CLO 2013-2 Ltd./Acis CLO 2013-2 LLC transaction, according to informed sources on Thursday.
The CLO sold the expected AAA-rated tranche at a discount to investors at Libor plus 50 basis points.
Jefferies LLC arranged the offering.
Highland affiliate Acis Capital Management, LP will manage the CLO. The vehicle is collateralized by broadly syndicated first-lien senior secured loans.
Full deal terms were not available by press time.
Highland was last in the market in February when it sold the $525.5 million Acis CLO 2013-1 Ltd. transaction.
The Dallas-based firm manages 23 CLOs and is the largest U.S. CLO manager with about $18 billion of assets under management.
| Issuer: | Acis CLO 2013-2 Ltd./Acis CLO 2013-2 LLC
|
| Amount: | $650 million
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash-flow CLO
|
| Placement agent: Jefferies LLC
|
| Manager: | Acis Capital Management, LP
|
| Pricing date: | Sept. 11
|
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