Highbridge Principal Strategies is marketing a $378.5 million actively-managed collateralized loan obligation, according to a Standard and Poor's presale report.

Arranged by Citigroup, it is the asset manager's second CLO.

The transaction, Highbridge Loan Management 2013-2, is backed by a revolving pool of mainly broadly syndicated senior secured loans and offers two senior A classes, two deferrable B classes, deferrable C, D, and E classes. There is also a class of subordinate notes.

The $260 million A-1 notes with an interest rate of three-month Libor plus 130 basis points have been assigned preliminary 'AAA' ratings from S&P.

The $43 million 'AA' rated A-2 notes have an interest rate of three-month Libor plus 190 basis points.

The $22.5 million 'A' rated B-1 notes have an interest rate of three-month Libor plus 300 basis points.

The $9.5 million 'A' rated B-2 notes have an interest rate of 600 basis points.

The $19.5 million 'BBB' rated C notes have an interest rate of three-month Libor plus 370 basis points.

The $16 million 'BB' rated D notes have an interest rate of three-month Libor plus 525 basis points.

The $8 million 'B' rated E notes havean interest rate of three-month Libor plus 580 basis points.

The collateral pool includes 105 obligators with an average holding of 0.95%. This is less than some recently issued CLOs with 140 obligators. Business equipment and services represents the largest industry in the pool.

The deal is expected to close later this month.

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