The private equity firm obtained an $825 million mortgage on the portfolio from Citi, Deutsche Bank and Barclays; proceeds, along with $500 million of mezzanine debt, will be used to repay exist debt and cash out $207 million of equity.
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New issuance of U.S. collateralized loan obligations reached $11.9 billion across 24 deals, taking year-to-date volume past $72.3 billion, according to Thomson Reuters LPC. The eight-month total is higher than the total issuance for all of 2016.
September 10
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The $426.2 million COLT 2017-2 is backed entirely by loans originated by Caliber, an affiliate of private equity firm Lone Star Funds. There are no loans originated by Sterling Bank & Trust, which accounted for 22% of the collateral for the prior deal.
September 8
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The credit quality of the collateral is lower, by several metrics, than that of Exeter's prior deal; however, S&P Global expects cumulative net losses to be in the same range, from 20.1%-21.1%.
September 7
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Ford Motor Credit, GM Financial and Fifth Third Bancorp are marketing a combined $3.4 billion in prime auto loan and lease asset-backed securities, according to presale reports published Thursday.
September 7
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The portfolio of conforming loans is currently being subserviced by Nationstar Mortgage Holdings on behalf of Seneca Mortgage Investments.
September 7
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Given the scale of damage to the region’s homes and cars, bankers are guarding against an expected spike in missed payments by extending loan terms, deferring payments and making other concessions.
September 7
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The proceeds will be used to repay three existing bonds series, as well as pay down commercial paper and credit line debt of the real estate investment trust, formerly known as Land Securities.
September 7
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The loans, which average 15-year terms, were originated by Vistana and Hyatt Vacation Ownership. Fitch Ratings notes a slight decline in borrower credit quality, and expects a slightly higher default rate.
September 7
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Redwood Trust, long known for targeting only the most pristine borrowers, is preparing its first securitization of residential mortgages with slightly wider credit parameters.
September 6
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The 4,443 single-family rental homes securing Starwood Waypoint Homes 2017-1 have an average age of 30 years, older than any previous transaction by the sponsor, but are bringing in more than $1,700 apiece in monthly rent.
September 6
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The parent company of Dunkin' Donuts and Baskin-Robbins will use $733 million of proceeds to repay debt issued in 2015; the remainder will be used for general corporate purposes, including funding a dividend to shareholders.
September 5
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As housing demand continues to challenge low levels of supply, home prices are overvalued in 34% of the largest U.S. metropolitan areas, according to CoreLogic.
September 5
