AllianceBernstein Closes Inaugural Transaction for CLO Management Business

Rhea-AI Summary

On December 14, 2020, AllianceBernstein L.P. (AB) announced the successful closing of its inaugural $405.4 million collateralized loan obligation (CLO), AB BSL CLO I, with Morgan Stanley as the lead arranger. This marks a significant milestone for the firm's CLO management business, established in 2019, led by Scott Macklin. The transaction garnered a positive response from institutional investors, highlighting confidence in AB's leveraged finance platform. Since 2016, AB's middle market direct lending platform has issued nine CLO transactions totaling $3.1 billion.

Positive

• Successful closing of inaugural CLO, AB BSL CLO I, at $405.4 million.
• Positive investor response indicating confidence in AB's CLO management.
• Established middle market direct lending platform with $3.1 billion in CLO transactions since 2016.

Negative

• None.

NEW YORK, Dec. 14, 2020 /PRNewswire/ -- AllianceBernstein L.P. ("AB") (NYSE: AB), a leading global investment manager, today announced the closing of AB BSL CLO I, a $405.4 million collateralized loan obligation (CLO) with Morgan Stanley acting as lead arranger. This marks the inaugural CLO for the firm's broadly syndicated loan and CLO management business established in 2019 and led by Scott Macklin, and initially funded with investments from Equitable Financial Life Insurance Company.

"We are delighted by the positive response to the transaction from a wide range of institutional investors and the continued relationship with Equitable. The quality of execution reflects confidence in the firm's long-tenured leveraged finance platform," said Gershon Distenfeld, Co-Head of Fixed Income and Director of Credit at AB.  "We look forward to our continued growth in this market and delivering strong results for our clients over the coming years."

The firm's middle market direct lending platform, AB Private Credit Investors, has issued nine CLO transactions since 2016 totaling $3.1 billion.

About AllianceBernstein

AllianceBernstein is a leading global investment management firm that offers high-quality research and diversified investment services to institutional investors, individuals and private wealth clients in major world markets.

As of September 30, 2020, including both the general partnership and limited partnership interests in AllianceBernstein, AllianceBernstein Holding owned approximately 35.5% of AllianceBernstein and Equitable Holdings, Inc. ("EQH"), directly and through various subsidiaries, owned an approximate 65.3% economic interest in AllianceBernstein.

Additional information about AB may be found on our website, www.alliancebernstein.com.

 

View original content:http://www.prnewswire.com/news-releases/alliancebernstein-closes-inaugural-transaction-for-clo-management-business-301191743.html

SOURCE AllianceBernstein

FAQ

What is the significance of AB BSL CLO I for AllianceBernstein?

The closing of AB BSL CLO I marks the inaugural transaction for AllianceBernstein's CLO management business, enhancing its credibility and presence in the market.

How much capital was raised in the AB BSL CLO I transaction?

AllianceBernstein raised $405.4 million through the closing of AB BSL CLO I.

Who acted as the lead arranger for the CLO issued by AllianceBernstein?

Morgan Stanley acted as the lead arranger for the AB BSL CLO I transaction.

How has AllianceBernstein's middle market direct lending platform performed?

Since 2016, AllianceBernstein's middle market direct lending platform has issued nine CLO transactions totaling $3.1 billion.

What date was the press release regarding the CLO transaction issued?

The press release regarding the closing of AB BSL CLO I was issued on December 14, 2020.