Jersey law firm Voisin has acted as legal counsel in connection with two issuances of CLO (collateralised loan obligation) refinancing notes.
Saranac CLO V Limited and Saranac CLO VII Limited, together with Saranac CLO V LLC and Saranac CLO VII LLC, issued just over $640 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.
Voisin Associate Howard O’Toole, who led the law firm's structured finance team, commented: “Despite new risk retention rules, which have created additional challenges for CLO managers, the demand for CLO liabilities on both sides of the Atlantic has increased, resulting in bumper issuances.”
In addition to the issuance of the refinancing notes, various other transaction amendments were necessary, such as extensions of the stated maturity dates, changes to overcollateralisation test levels and changes to comply with the Volcker Rule.
Voisin acted alongside Seward & Kissel, Ashurst, Nixon Peabody and Milbank Tweed Hadley & McCloy. Sponsors are Canaras Capital Management and Jefferies.