Citigroup Said to Be Raising $400 Million BlackRock CLO
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Citigroup Inc. is raising a loan fund with a target size of about $400 million to be managed by BlackRock Inc., according to two people with knowledge of the deal.
The collateralized loan obligation, BMI CLO I, is expected to include a $259 million slice rated AAA by Standard & Poor’s that has initial price guidance of 125 basis points, or 1.25 percentage point, more than the London interbank offered rate, said the people, who declined to be identified because the terms are private. Libor is a rate banks charge to lend to each other.