Kingsland Capital originally planned to bring its seventh CLO to market in August; it lined up a credit facility in the late spring that would allow it to gradually accumulate the collateral over the following two months.

But by mid-May, a selloff in broadly syndicated loans had left them very attractively priced in the secondary market, and Kingsland’s investors were already lined up. So the manager decided to strike while the iron was hot. It was able to sell the $472 million Kingsland VII before acquiring any collateral, though it had identified half of the loans that it wanted to acquire, according to a presale report published by Moody’s Investors Service.

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