THL Credit Completes Its First Middle Market Collateralized Loan Obligation
April 23 2019 - 4:15PM
Lake Shore CLO I Closes at $411
MillionTransaction Lifts Firm’s Assets To $17 Billion
THL Credit Advisors LLC ("THL Credit" or the “Company”), a leading
alternative credit manager, today announced that it has closed THL
Credit Lake Shore CLO I at $411 million (“Lake Shore I”). The
offering represents THL Credit’s first collateralized loan
obligation (“CLO”) that includes middle market leveraged loans.
With the completion of this deal, THL Credit and
its affiliates now manage 24 CLOs totaling approximately $13
billion in assets. The firm is one of the 15 largest issuers of
CLOs in the country.
“Middle market businesses drive a significant
portion of U.S. economic activity, and access to financing is
essential to their growth,” said Chris Flynn, CEO of THL Credit.
“Our origination efforts generate attractive opportunities in the
middle market and the expansion of this program will allow us to
both maintain more of what we create and participate in reciprocal
deal flow from other lenders.”
The Lake Shore middle market CLO product creates
alignment between THL Credit’s two core focus areas – direct
lending and tradable credit investments – and presents the Company
with an opportunity to capitalize on both its origination
capabilities and expertise in the CLO space.
“THL Credit has been originating middle market
loans for the past 10 years and we find the risk adjusted returns
compelling for our dedicated direct lending funds. Thus the
opportunity to use the middle market CLOs to expand the product
suite to include this asset class makes tremendous sense,” said
Michael A. Herzig, Managing Director of THL Credit. “Lake Shore I
and its successors will enable us to provide both direct lending
and club middle market loans to our global CLO investor base.”
About THL Credit Advisors LLC
THL Credit is an alternative credit investment
manager for both direct lending and broadly syndicated investments
through public and private vehicles, collateralized loan
obligations, separately managed accounts and co-mingled
funds. THL Credit maintains a variety of advisory and
sub-advisory relationships across its investment
platforms.
Forward-Looking Statements
Statements made in this press release may
constitute forward-looking statements. Such statements reflect
various assumptions by the Company concerning anticipated results
and are not guarantees of future performance. The accuracy of such
statements involves known and unknown risks, uncertainties and
other factors that, in some ways, are beyond management’s control,
including the factors described from time to time in filings by the
Company with the Securities and Exchange Commission. The Company
undertakes no duty to update any forward-looking statements made
herein. All forward-looking statements speak only as of the date of
this press release.
Investor Contact:THL Credit Advisors LLC
Michael A. Herzig (212) 829-3101mherzig@thlcredit.com
Media Contact:StantonDoug Allen(646)
502-3530dallen@stantonprm.com
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