LCM Asset Management firms details for $624 million LCM XV CLO transaction

By Cristal Cody

Tupelo, Miss., Jan. 27 - LCM Asset Management LLC is set to offer $624 million of notes in a new collateralized loan obligation deal, according to informed sources on Monday.

LCM XV LP/LCM XV LLC intends to price $4 million of class X senior floating-rate notes due 2017 (Aaa/AAA/); $378 million of class A senior floating-rate notes due 2024 (Aaa/AAA/); $63 million of class B senior floating-rate notes due 2024 (/AA/); $55.5 million of class C deferrable floating-rate notes due 2024 (/A/); $30 million of class D deferrable floating-rate notes due 2024 (/BBB/); $30 million of class E deferrable floating-rate notes due 2024 (/BB-/) and $63.51 million of subordinated notes due 2024.

Morgan Stanley & Co. LLC is the placement agent.

LCM Asset Management will manage the CLO.

The CLO is backed by a revolving pool of broadly syndicated senior secured corporate loans.

The non-call period on the CLO will end in February 2016 and the reinvestment period will end in February 2018.

LCM Asset Management priced two CLO transactions in 2013. The New York City-based asset management firm closed on the $519 million LCM XIII LP offering in February and the $417.75 million LCM XIV LP deal in July.

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