31st Oct 2014 10:12
LONDON (Alliance News) - Fair Oaks Income Fund Ltd Friday said master fund Fair Oaks Income Fund LP is to acquire, in the primary market, USD26 million notional of equity notes, representing 51% of the total equity of Covenant Credit Partners CLO II Ltd, a new collateralised loan obligation backed by a portfolio of US broadly syndicated, secured loans.
The manager of the CLO's portfolio is Covenant Credit Partners, a credit manager with about USD1 billion of assets under management.
The potential total return for the investment as estimated by the general partner of the Fair Oaks Income Fund LP is between 15% and 17% per annum, according to Fair Oaks Income Fund.
Fair Oaks Income Fund shares were down 0.2% at USD1.0425.
By Samuel Agini; [email protected]; @samuelagini
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