AllianceBernstein Closes Second Transaction for CLO Management Business

Rhea-AI Summary

AllianceBernstein L.P. (AB) has successfully closed its second collateralized loan obligation (CLO), raising $400 million. JPMorgan Chase served as the lead arranger for this transaction. This CLO is part of AB's broader CLO management business, which began in 2019. The firm has a track record of 12 CLO transactions totaling $4.3 billion since 2016. As of April 30, 2021, AB manages $724 billion in client assets. Equitable Holdings (EQH) holds a 64.3% economic interest in AllianceBernstein.

Positive

• Closed second CLO transaction raising $400 million.
• Established CLO management business in 2019.
• Track record of 12 CLO transactions totaling $4.3 billion since 2016.
• Strong client asset management of $724 billion as of April 30, 2021.

Negative

• None.

NEW YORK, May 20, 2021 /PRNewswire/ -- AllianceBernstein L.P. ("AB") (NYSE: AB), a leading global investment manager, today announced the closing of AB BSL CLO 2, a $400 million collateralized loan obligation (CLO) with JPMorgan Chase acting as lead arranger.

This marks the second CLO for the firm's broadly syndicated loan and CLO management business established in 2019 and led by AB's Director of Leveraged Loans Scott Macklin. The business is initially funded with investments from Equitable Financial Life Insurance Company.

"We are very pleased by the receptivity of the CLO market to AB managed transactions, and are thankful to Equitable and the wide array of global liability investors who have entrusted us with their capital," said Gershon Distenfeld, Co-Head of Fixed Income and Director of Credit at AB. "The quality of execution reflects confidence in the firm's top performing, long-tenured leveraged finance platform and we look forward to our continued growth in the CLO market."

The firm's middle market direct lending platform, AB Private Credit Investors, has issued 12 CLO transactions since 2016 totaling $4.3 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. The firm has $724 billion in client assets under management, as of April 30, 2021.

As of March 31, 2021, including both the general partnership and limited partnership interests in AllianceBernstein, AllianceBernstein Holding owned approximately 36.5% of AllianceBernstein and Equitable Holdings, Inc. ("EQH"), directly and through various subsidiaries, owned an approximate 64.3% 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-second-transaction-for-clo-management-business-301295803.html

SOURCE AllianceBernstein

FAQ

What is the amount raised in AllianceBernstein's latest CLO transaction?

AllianceBernstein raised $400 million in its latest CLO transaction.

Who was the lead arranger for the AB BSL CLO 2?

JPMorgan Chase acted as the lead arranger for the AB BSL CLO 2.

How many CLO transactions has AllianceBernstein completed since 2016?

AllianceBernstein has completed 12 CLO transactions since 2016.

What total client assets does AllianceBernstein manage as of April 2021?

As of April 30, 2021, AllianceBernstein manages $724 billion in client assets.

What percentage of AllianceBernstein does Equitable Holdings own?

Equitable Holdings owns approximately 64.3% of AllianceBernstein's economic interest.