Monday, 5 December 2016

NewStar Berkeley Fund CLO closes at $505 million

Yeah, it, uh, clo clo clo ... closes at $505 million. 'Christ! I'm glad you got that out, boss. Have you got a stutter now?' No, Voice, they have. 'Who?' NewStar Financial, based in Boston. 'Ah, Boston, Lincolnshire. I see. Fucking strange place for a fund!' No, idiot! Boston, Massachusetts. 'Oh, in America. That makes a lot more sense.' Of course it does!

NewStar Financial, Inc. is an internally-managed commercial finance company with more than $6 billion of assets managed across two complementary business lines - middle market direct lending and asset management. The Company's direct lending activities are focused on meeting the complex financing needs of companies and private investors in the middle markets through three specialized lending groups that offer a range of flexible debt financing options to fund working capital, growth strategies, acquisitions and recapitalizations, as well as, equipment purchases. Credit investments are originated directly though teams of experienced, senior bankers and marketing officers organized around key industry and market segments.

And there's more, but ... ah, that's enough, you dig? We've got the basic idea now of what this firm is. 'Shame they closed at $505 million. They could have gone for a cool billion.' A cool billion might have been too much, Voice. In my opinion, they should have gone for a very nice $600 million. However, it's their life, you know? Their business. I'm not going to interfere. / More about the fund -

The NewStar Berkeley Fund CLO (the "Berkeley Fund") represents the fourth in a series of managed credit funds focused on middle market senior debt originated through NewStar's direct lending platform.

Berkeley Fund is structured as a Collateralized Loan Obligation (CLO) to provide financial leverage intended to magnify asset-level returns for equity investors.

Upsized from initial target of $400 million to $505 million due to strong investor demand.

Well, that's interesting! 'Upsized from $400 million!' Yeah. Well, I take my hat off to them, then. At least they've got a bit of ambition! 'Shame about the very nice $600 million, boss.' Shut up about that! Yes, they could have gone for it, but I don't want them reading this post and feeling bad about themselves. I'm in this game to give people a boost, after all. 'Of course. You're a great humanitarian.' Yes. Yes, I am.


Anything else? Not really. Is it Christmas yet? I need a break. 'Three more weeks of this crap, Mikey.' Jesus!

Well, there's no rest for the wicked. (Not yet.) I'll be doing a conceptual later, No. 470, for my peccadilloes.