Morgan Stanley has raised a $353.8 million CLO for New York Life Investment Management, according to a presale report from Standard & Poor’s.
S&P has assigned the most senior piece of the Flatiron CLO 2011-1 deal, a $220 million tranche, a preliminary AAA rating. It pays an interest rate of Libor plus 155 bps. The tranche has 37.94% subordination, according to the presale report.
A $53 million tranche with an interest rate of Libor plus 275 basis points and 22.95% subordination has been assigned a preliminary 'AA' rating.
The cash flow CLO has a four-year reinvestment period and is non-callable for two years.
New York Investment Life manages a total of six CLOs, according to the presale report, which is dated Dec. 2.