MidOcean Credit Partners Announces Completion of $400 Million CLO
January 24, 2013
MidOcean Credit Partners (“MidOcean”), an affiliate of MidOcean Partners, a leading private equity firm, announced today that it recently completed a $400 million CLO, its first, which was priced by Citigroup Global Markets, Inc. and closed on January 24, 2013. The MidOcean team has extensive CLO structuring experience in addition to expertise investing in corporate credits and managing credit portfolios.
“We are very pleased to have completed this CLO transaction. The investing activity dovetails perfectly with the strategy we have deployed with our MidOcean Credit Opportunity Fund over the past four years, and the market opportunity within the CLO space is as strong as we've seen it since we launched our firm.”, said Steve Shenfeld, President of MidOcean Credit Partners, “Our ability to combine the capabilities of our existing long/short credit fund with our CLO research brings an uncommon leverage and competitive edge”.
The vehicle has a 3 year reinvestment period and a 2 year non-call period. Dechert, LLP served as legal counsel for MidOcean Partners.
About MidOcean Credit Partners
MidOcean Credit Partners was formed in early 2009 to identify opportunities in the credit markets by leveraging the experience and expertise of its dedicated team of senior credit professionals. MidOcean Credit Partners is affiliated with MidOcean Partners, a leading private equity firm headquartered in New York. MidOcean Credit Partners manages two complementary long/short credit strategies: a credit opportunity strategy that invests long and short, and throughout the capital structure in bank loans, high yield bonds, mezzanine and special situations, as well as an absolute return strategy that is a well-hedged and low volatility strategy targeting short maturity bonds with low duration.