Milbank Advises Initial Purchaser in Largest CLO Transaction of 2014 - KMPH FOX 26 | Central San Joaquin Valley News Source

Milbank Advises Initial Purchaser in Largest CLO Transaction of 2014

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SOURCE Milbank, Tweed, Hadley & McCloy LLP

Firm represents BofA Merrill Lynch in $1 billion CLO managed by Onex Credit Partners

NEW YORK, June 30, 2014 /PRNewswire/ -- Continuing its active work at the center of a resurgent market for collateralized loan obligations, Milbank, Tweed, Hadley & McCloy has represented the lead initial purchaser in an approximately $1 billion CLO managed by Onex Credit Partners, LLC (Onex Credit). It is the largest CLO deal closed through the first half of 2014.

Milbank advised BofA Merrill Lynch as initial purchaser in structuring and issuing the CLO securities. Onex Credit, which is the credit investing arm of Onex Corporation, will serve as portfolio manager. This was Onex Credit's sixth CLO transaction and first to allow compliance with European Union Risk Retention requirements for affected investors.

Milbank partner Elizabeth Hardin led the deal team, which included associates Brian Youn, Jenna Hartnett and John McManmon and Claire Hall (London). Securities, corporate and tax support was provided by partners Jay Grushkin, James Warbey (London), Andrew Walker and Joel Krasnow.

"With a continued favorable interest rate environment and strong investor demand, CLO issuance has been on a tear, and we're very pleased at the opportunity to work with both portfolio managers and placement agents in bringing major deals to market," Ms. Hardin said.  "The offering for Onex Credit was a milestone for the company and it is the largest CLO so far this year in the U.S. Milbank's Alternative Investments Practice is expecting to be an active adviser in this segment through the rest of the year."

Through the first half of 2014, Milbank has advised on over 20 CLO transactions priced and closed in the U.S. and Europe valued at approximately $10 billion in debt and equity issued.

About Milbank

Milbank, Tweed, Hadley & McCloy LLP is a leading international law firm that has been providing innovative legal solutions to clients throughout the world for more than 145 years. Milbank is headquartered in New York and has offices in Beijing, Frankfurt, Hong Kong, London, Los Angeles, Munich, Sao Paulo, Singapore, Tokyo and Washington, DC. 

The firm's lawyers provide a full range of legal services to the world's leading commercial, financial and industrial enterprises, as well as to institutions, individuals and governments.  Milbank's lawyers meet the needs of its clients by offering a highly integrated and collaborative range of services across key practice groups throughout its global network. Milbank's integrated practice is underpinned by its attorneys' acknowledged technical excellence, sector expertise and a strong tradition of innovation and client service.

To learn more about Milbank and its attorneys, please visit


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