Columbia Management Investment markets $509 million Cent CLO 24

By Cristal Cody

Tupelo, Miss., July 31 – Columbia Management Investment Advisors, LLC is in the pipeline with a $509 million collateralized loan obligation offering, according to a market source.

The Cent CLO 24 Ltd./Cent CLO 24 Corp. transaction includes $308.5 million of class A-1 floating-rate notes (//AAA); $73.5 million of class A-2 floating-rate notes (//AA); $30 million of class B floating-rate notes (//A); $25.5 million of class C floating-rate notes (//BBB); $22.5 million of class D floating-rate notes (//BB); $10 million of class E floating-rate notes (//B) and $39 million of subordinated notes.

Goldman Sachs & Co. is the placement agent.

Columbia Management Investment Advisors will manage the CLO.

The CLO is non-callable until April 15, 2018. The reinvestment period ends April 15, 2020.

The notes are due Oct. 15, 2026.

The transaction is backed primarily by a revolving pool of broadly syndicated senior secured corporate loans.

Columbia Management Investment previously was in the primary market on March 19 with the $578 million Cent CLO 23 Ltd./Cent CLO 23 Corp. deal.

The Boston-based investment management firm priced two CLOs in 2014.

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