Eaton Vance Management readies to bring $511.87 million CLO offering

By Cristal Cody

Tupelo, Miss., June 26 – Eaton Vance Management plans to price $511.87 million of notes due 2026 in a collateralized loan obligation deal, according to a market source on Thursday.

Eaton Vance CLO 2014-1, Ltd./Eaton Vance CLO 2014-1 LLC is expected to offer $315.5 million of class A floating-rate notes (//AAA/); $63 million of class B floating-rate notes; $29.75 million of class C floating-rate notes; $27 million of class D floating-rate notes; $28.5 million of class E floating-rate notes and $48.12 million of subordinated notes.

Wells Fargo Securities LLC is the placement agent.

Eaton Vance Management will manage the CLO.

The CLO will have a 2.2-year non-call period and a 4.2-year reinvestment period.

Collateral consists primarily of first-lien senior secured loans.

Proceeds from the offering will be used to purchase a portfolio of leveraged loans.

Boston-based Eaton Vance Management, a subsidiary of Eaton Vance Corp., priced one CLO deal in 2013.

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