Bank of America has raised a $388 million CLO for Symphony Asset Management.
Symphony CLO VIII is backed by broadly syndicated, senior secured loans, according to a presale report issued this week by Standard & Poor’s. S&P has assigned an 'AAA' rating to a $240 million tranche that has a coupon of Libor plus 155 basis points.
The deal is expected to close today and has a three-year reinvestment period and a one-year non-call period.
The deal brings the number of CLO’s Symphony has under management to seven.
