Citigroup Inc. (C:US) is raising a collateralized loan obligation with a target size of $400 million to be managed by Silvermine Capital Management LLC, according to two people with knowledge of the deal.
The CLO includes a $266.75 million slice rated AAA by Standard & Poor’s, 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: Chapin Wright at email@example.com