Invesco Senior Secured Management has priced a new $406.25 million CLO with a high ratio of first-lien secured loans already identified for the portfolio.

According to a presale report issued by Moody’s Investors Service, Upland CLO Ltd. includes two ‘Aaa’-rated tranches split between fixed-rate and floating-rate. The $235 million Class A-1A notes are priced at 160 bps over Libor, while the $25 million Class A-2A fix-rate notes carry a 2.991% coupon.

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