TELOS Asset Management is preparing its fifth collateralized loan obligation.

Standard & Poor’s has assigned preliminary ratings to $376.75 million of notes to be issued by the deal, TELOS CLO 2014-5, including an ‘AAA’-rated, $252 million tranche of  notes are being offered at three-month Libor plus 155 basis points.

BNP Paribas Securities is the initial purchaser and placement agent.

As of April 14, 2014, the issuer had identified 97.43% of the portfolio's collateral and purchased or committed to purchase approximately 51.18% of the portfolio's target par amount.

TELOS Asset Management, formerly Tricadia Loan Management LLC, is a global credit manager with approximately $1.397 billion in assets under management as of Dec. 31, 2013 in senior secured loans via CLOs and managed accounts.

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