Boehly’s Eldridge Sells Its First Collateralized Loan Obligation

Asset management and insurance company Eldridge sold its first collateralized loan obligation on Monday, a few years after founder Todd Boehly sold credit manager CBAM Partners to Carlyle Group Inc. and said he intended to create a new CLO firm.

Eldridge’s debut CLO offering was $504.25 million, backed by broadly syndicated loans and arranged by JPMorgan Chase & Co. The biggest portion of the transaction, the $290 million of class A-1 bonds rated Aaa, were sold to yield 1.33% more than their Secured Overnight Financing Rate benchmark.