Royal Bank of Scotland Group Plc (RBS:US) is seeking to raise a $259.2 million collateralized loan obligation for Valcour Capital Management LLC, the firm’s first deal, according to a person with knowledge of the transaction.
The fund, Crown Point CLO, may include a $93 million slice rated AAA, said the person, who asked not to be identified because the terms are private. It may also include a second AAA piece of $73 million. The deal may price as soon as Sept. 7, the person said.
Valcour was set up by George Marshman and Joseph Schlim, former executives at Aladdin Capital Holdings LLC, in 2009. The Stamford, Connecticut-based firm hired John D’Angelo from Aladdin last year to manage its bank debt group.
There have been $23.9 billion of CLOs backed by widely syndicated loans raised this year, the most since 2007, according to data compiled by Bloomberg and Morgan Stanley.
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.
Ed Canaday, an RBS spokesman, didn’t immediately return a telephone call seeking comment. Marshman declined to comment.
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