LCM Asset Management markets $408 million seven-part LCM XXII CLO

By Cristal Cody

Eureka Springs, Ark., Sept. 14 – LCM Asset Management LLC plans to price $408 million of notes due Oct. 15, 2028 in the LCM XXII LP/LCM XXII LLC collateralized loan obligation offering, according to a market source.

The Rule 144A-eligible deal includes $2.4 million of class X floating-rate notes (//AAA); $252 million of class A-1 floating-rate notes (//AAA); $52 million of class A-2 floating-rate notes; $28 million of class B floating-rate notes; $20 million of class C floating-rate notes; $16 million of class D floating-rate notes and $37.6 million of subordinated notes.

Natixis Securities Americas LLC is the placement agent.

LCM Asset Management will manage the CLO.

The CLO will have a two-year non-call period and a five-year reinvestment period.

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

Proceeds from the offering will be used to purchase a portfolio of about $400 million of mostly senior secured leveraged loans.

LCM Asset Management has priced two CLO transactions year to date.

The CLO manager brought three CLOs and refinanced one vintage CLO in 2015.

The New York City-based asset management firm is a subsidiary of Tetragon Financial Group Ltd.

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