Announces Pricing for Crown Point CLO 4
13 February 2018
New York, NY – February 13, 2018 – Pretium Credit Management LLC, an affiliate of Pretium Partners, LLC (“Pretium”), a $9.5 billion specialized alternative asset management firm focused on residential real estate, mortgage finance and credit, today announced that it has expanded its corporate credit business.
Last week, Pretium reached an agreement to assume management of two CLOs that are currently managed by NewMark Capital LLC. NewMark Capital Funding 2013-1 CLO Ltd and NewMark Capital Funding 2014-2 CLO Ltd currently hold approximately US$750 million in assets.
Pretium Credit Management also announced the pricing of Crown Point CLO 4 in a transaction led by Morgan Stanley. Based on investor demand the transaction, was upsized from $400 million to $458 million. The CLO will have a 5-year reinvestment period and a 2-year non-call period with Pretium Credit Management acting as the Collateral Manager. After the NewMark assignments and the closing of Crown Point CLO 4, Pretium Credit Management will manage 5 CLOs containing approximately $1.7 billion of assets under management.
Donald Mullen, Founder and CEO of Pretium said, “Pretium is committed to providing our investors with attractive, risk-adjusted investment opportunities in the loan market. The growth of our platform is a testament to our focus on this dynamic asset class.”
In 2017, Pretium expanded its credit business with the acquisition of Valcour Capital Management (recently renamed Pretium Credit Management, LLC) and appointment of Jerry Ouderkirk as Head of Structured Credit. Mr. Ouderkirk joined Pretium from Goldman Sachs & Co., where he was a Partner and co-Head of Structured Credit Trading.
About Pretium Partners
Founded in 2012, Pretium Partners, is a leading alternative asset management firm focused on residential real estate, mortgage finance and credit. The firm seeks to capitalize on investment and lending opportunities arising because of structural changes within the economy, the U.S. housing sector and the mortgage finance market. For more information, please visit http://pretiumpartnersllc.com/.
Gasthalter & Co.
Jonathan Gasthalter, 212-257-4170