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JMP Group closes USD407.8m CLO transaction

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Investment banking and alternative asset management firm JMP Group has closed a USD407.8 million collateralised loan obligation (CLO) transaction issued by two newly formed special purpose vehicles and backed by a diversified portfolio of broadly syndicated leveraged loans.

The notes offered in the transaction are issued by JMP Credit Advisors CLO V Ltd and co-issued in part by JMP Credit Advisors CLO V LLC and are subject to a two-year non-call period.
 
A wholly owned subsidiary of JMP Group purchased USD2,500,000 of the Senior Subordinated Notes and 100 per cent of the Junior Subordinated Notes, which are not rated.
 
“With the closing of this deal, we have USD1.2 billion in CLO assets under management,” says Bryan Hamm, president of JMP Credit Advisors. “We are pleased with the execution on the transaction and look forward to continuing on the path to becoming a widely recognised, top-tier manager of corporate debt.”
 
JMP Group intends to consolidate the loan investment portfolio and expects to account for the transaction on its balance sheet as non-recourse debt. The CLO has a four-year reinvestment period, up to 17 July 2022, that allows for the use of the proceeds from any principal repayments on, or any sales of, collateral assets towards the purchase of qualifying replacement assets, subject to certain conditions and limitations.
 
The transaction was executed through a private exempt offering. BNP Paribas served as initial purchaser.

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