Sculptor Capital Management has reset and upsized Sculptor CLO XXXIII to $450 million as the alternative asset manager continues expanding and extending its collateralized loan obligation portfolio.
The CLO was increased by $45 million from its original closing size.
The reset establishes a new five-year reinvestment period and a two-year non-call period.
Sculptor completed the transaction without requiring additional equity, supported by approximately 50 basis points of par build generated by the portfolio during the past two years.
J.P. Morgan arranged the transaction.
The deal follows another European CLO reset completed by Sculptor earlier in the month.
Since launching its institutional credit strategies platform in 2012, Sculptor has issued 50 CLOs and completed another 64 reset and refinancing transactions across the U.S. and Europe.
The firm’s global platform manages approximately $12.5 billion across CLOs and collateralized bond obligations.
KEY QUOTE:
“We are pleased to have completed the reset and upsize of CLO 33 on attractive terms for our investors. Continued demand for high-quality CLO debt allowed us to pursue both a reset and upsize, which we believe will position the vehicle to deliver strong prospective returns in the coming years.”
Josh Eisenberger, Executive Managing Director and Head of U.S. CLO Management at Sculptor
