Glen Fest

The initial portfolio for the $601.7 million deal features high exposure to lower-rated single-B loans, though that will likely drop when it is fully ramped.

Investors include New Orleans sports franchise owner Gayle Benson, placing the hotel under local ownership for the first time since it was built in 1976.

The transaction is the fourth by the New York-based affiliate of Hayfin Capital Management since its merger with the U.K. asset manager.

The $254 million transaction is the first shipping container securitization of the year; the weighted average age of the vessels is 2.1 years.

Investors who do not consent to proposed changes in the terms of the $655.9 million Magnetite XXII must sell their bonds (at full par) to the money manager.

The regional direct lender caters to very risky and highly leveraged borrowers (507 FICO, 163.95% LTV), but is offering relatively little credit enhancement compared to its peers.

The New York-based CLO management firm also plans to change its name to reflect its parent firm, Vibrant Capital Partners.

The financial burden falls almost exclusively on lessees, so much so that some weaker airlines could eventually face financial difficulties; observers expect some pushback.

Recent transactions have been performing better than expected; S&P Global Ratings has set its expectations for cumulative net losses for COAT 2019-2 accordingly lower.

The CLO manager has priced a reissued CLO at spreads signficantly higher than rates paid since a 2017 limited refinancing.