Western Asset Management plans $400 million CLO, talks AAA tranche at Libor plus 155 bps

By Cristal Cody

Tupelo, Miss., Feb. 13 - Western Asset Management Co. intends to offer $400 million of notes in a collateralized loan obligation transaction, according to an informed source on Thursday.

The AAA-rated slice of the Mountain Hawk III CLO, Ltd. deal is talked to price at Libor plus 155 basis points.

Deutsche Bank Securities Inc. is the placement agent.

Western Asset Management will manage the CLO.

The CLO is backed by a revolving pool of broadly syndicated first-lien senior secured loans.

Western Asset Management, a Pasadena, Calif.-based fixed income manager, brought two deals in 2013 that included the $501.25 million Mountain Hawk I CLO Ltd./Mountain Hawk I CLO LLC offering and the $518.05 million Mountain Hawk II CLO Ltd./Mountain Hawk II CLO LLC transaction.

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