Cutwater Investor Services markets $411.5 million 2014-II CLO

By Cristal Cody

Tupelo, Miss., Dec. 12 – Cutwater Investor Services Corp. plans to price $411.5 million of notes due Jan. 15, 2027 in the firm’s second collateralized loan obligation transaction, according to a market source.

The Cutwater 2014-II, Ltd./Cutwater 2014-II, LLC offering includes $258.1 million of class A-1 floating-rate notes (//AAA); $38.8 million of class A-2 floating-rate notes; $25.6 million of class B floating-rate notes; $23.3 million of class C floating-rate notes; $22.8 million of class D floating-rate notes; and $42.9 million of subordinated notes.

Natixis Securities Americas LLC is the placement agent.

Cutwater Investor Services will manage the CLO.

The CLO has a 1.75-year non-call period and a four-year reinvestment period.

The offering is collateralized primarily by first-lien senior secured loans.

Proceeds from the deal will be used to purchase a portfolio of about $400 million of leveraged loans.

Cutwater Investor Services previously priced the $415.4 million Cutwater 2014-I, Ltd./Cutwater 2014-I, LLC transaction on July 8.

The investment management firm is based in New York City.

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