Salus Capital Partners LLC has issued an additional $300 million of notes from a collateralized loan obligation that closed in February.
The re-opening of Salus CLO 2012-1 brings the aggregate amount of notes issued by the deal to $550 million. As part of the transaction, Salus and its affiliates will contribute to the CLO approximately $167 million of their existing portfolio, primarily asset-based loans to small and medium-sized companies.
The original deal comprised a $125 million of notes rated ‘AAA’ by DBRS, $15 million of notes rated ‘AA,’ $10 million of notes rated ‘A,’ $15 million rated ‘BBB,’ $15 million rated ‘BB,’ $7.5 million rated ‘B’ and $62.5 billion of unrated subordinatd notes.
The CLO has a reinvestment period of three years, a non-call period of three years and a final maturity of March 2021. It is rated by DBRS.
Natixis Securities Americas LLC acted as arranger and placement agent for the transaction. Milbank, Tweed, Hadley & McCloy LLP acted as legal counsel to Salus.