Continuing his efforts in the use of intellectual property securitizations, Robert D'Loren of CAK Universal Credit Corp. said he is putting the finishing touches on a new $25 million bond deal backed by apparel-industry royalty payments.

What makes this deal particularly unique, D'Loren said, is the fact that the financing is being rearranged as a vehicle for a leveraged buyout of the issuer by its current management.

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