Covenant Credit Partners Said to Raise $527.5 Million CLO
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Covenant Credit Partners LLC raised its first collateralized loan obligation, a $527.5 million deal, according to a person with knowledge of the fund.
The CLO for the Charlotte, North Carolina-based firm founded last year includes a $305 million slice rated AAA that pays a coupon of 148 basis points more than the London interbank offered rate, said the person, who asked not to be identified because the terms are private. Morgan Stanley arranged the fund, the person said.