Crestline Investors closes $1bn direct lending CLO
Crestline Investors has closed a $1bn (£0.8bn) collateralised loan obligation (CLO) focused on direct lending in the US middle market.
The Crestline Direct Lending CLO I is one of the largest new issue middle-market CLOs to have been arranged in 2024. It will be managed by Texas-based Crestline, and all of the equity interests will be retained by its Crestline Specialty Lending III fund.
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“We are grateful for the overwhelming amount of interest from investors,” said Keith Williams, managing partner, credit strategies at Crestline Investors.
“The success of this CLO is a testament to the confidence our investors place in us, as well as the knowledge and expertise we have built over decades in middle market lending.”
GreensLedge Capital Markets served as arranger and lead placement agent, NatWest Markets Securities Inc. served as co-placement agent and KeyBanc Capital Markets served as co-structuring agent.
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The CLO is rated by Standard & Poor’s and collateralised by a diversified portfolio of senior secured loans, originated and managed by Crestline, with a four-month reinvestment period and a twelve-month non-call period.
“We are excited to continue building on this robust CLO platform, which we believe will help us deliver consistent value to investors through market cycles,” added Jeremiah Loeffler, managing director and COO of credit at Crestline Investors.
“We look forward to using CLOs as an efficient capital source in our future growth.”
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