Par-Four Investment Management to bring $465.01 million CLO offering

By Cristal Cody

Tupelo, Miss., July 8 – Par-Four Investment Management, LLC intends to price $465.01 million of notes due July 20, 2026 in a collateralized loan obligation deal, according to a market source.

The Tralee CLO III, Ltd./Tralee CLO III, LLC offering includes $150 million of class A-1 senior secured floating-rate notes (Aaa//); $128 million of class A-2 senior secured floating-rate notes (Aaa//); $64 million of class B senior secured floating-rate notes (Aa2//); $29 million of class C deferrable floating-rate notes (A2//); $24 million of class D deferrable floating-rate notes (Baa3//); $19.75 million of class E deferrable floating-rate notes (Ba2//) and $50.26 million of subordinated notes.

Deutsche Bank Securities Inc. is the placement agent.

Par-Four Investment will manage the CLO, which is backed primary by first-lien senior secured loans and eligible investments.

The CLO has a two-year non-call period and a four-year reinvestment period.

Par-Four Investment Management is a Woodcliffe Lake, N.J.-based firm that priced the $416 million Tralee CLO II, Ltd. transaction in 2013.

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