The $15 billion upward revision puts the bank's projection in line with that of JPMorgan; four new CLOs were printed last week, and another six were refinanced or repriced.
Over 45% of the borrowers the collateral pool have FICO scores above 760, compared with just 36.42% in the marketplace lender's most recent transaction, completed in May.
The sandwich restaurant chain will use proceeds so repay debt taken on when it was acquired by Roark Capital last year, incliuding a term loan facility.
CLO managers who accept lower interest payments on loans risk running afoul of deal covenants; but if they take their money back, there are few attractive options for putting it back to work
