Voisin has acted as legal Counsel in connection with an issuance of collateralised loan obligation (CLO) refinancing notes.
Saranac CLO III and Saranac CLO III issued just over $363 million of refinancing notes. The notes, which are rated by Moody’s Investors Service, are collateralised primarily by a portfolio of senior secured syndicated corporate loans.
Associate Howard O’Toole led the Voisin structured finance and capital markets team. He commented: "The last year or so has been a bit of a rollercoaster ride, with the introduction of credit risk retention rules, which created additional challenges for CLO managers.
"A successful recent challenge in the US to these new rules should restore some certainty and relief despite their application still remaining in effect on this side of the Atlantic."
Voisin acted alongside Seward & Kissel, Allen & Overy and Nixon Peabody.