Babson Capital Closes Two CLOs
August 13, 2008
Babson Capital Management has closed two CLOs totaling $842 million, the company said today. The CLOs, Babson CLO 2008-I and Babson CLO 2008-II, are 95% invested in senior secured bank loans.
Merrill Lynch arranged the roughly $442 million Babson CLO 2008-I transaction, and Bank of America arranged the $400 million Babson CLO 2008-II. The collateral in both deals consists primarily of senior-secured subinvestment-grade corporate loans. Buyers included both U.S. and non-U.S. institutional investors.
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