Bank of America Corp. (BAC) raised a $413 million collateralized loan obligation for Credit Suisse Asset Management, according to three people with knowledge of the deal.
The CLO includes a $252.5 million slice rated AAA by Standard & Poor’s that has a coupon of 142 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.
To contact the reporter on this story: Kristen Haunss in New York at firstname.lastname@example.org
To contact the editor responsible for this story: Faris Khan at email@example.com