Jan. 31 (Bloomberg) -- Bank of America Corp. raised a $410 million collateralized loan obligation for LCM Asset Management LLC, according to two people with knowledge of the deal.
The CLO includes a $259 million piece rated AAA by Standard & Poor’s that pays a rate of 148 basis points more than the London interbank offered rate, said the people, who declined to be identified because the terms are private.
CLOs are a type of collateralized debt obligation that pool high-yield, high-risk loans and slice them into securities of varying risk and return.
Kerrie McHugh, a Bank of America spokeswoman, declined to comment.
To contact the reporter on this story: Kristen Haunss in New York at email@example.com
To contact the editor responsible for this story: Mitchell Martin at firstname.lastname@example.org