LOS ANGELES--(BUSINESS WIRE)--The TCW Group, a global asset management company, today announced that it has closed its second Collateralized Loan Obligation (CLO) transaction this year. The $400 million transaction, Figueroa CLO 2013-2, is a portfolio of broadly syndicated, secured leveraged loans, and follows on the firm’s previous $400 million fund, Figueroa CLO 2013-1, which closed in March of this year.
This transaction is managed jointly by Jerry Cudzil, TCW’s Head of U.S. Credit Trading, and Jamie Farnham, TCW’s Director of Credit Research.
“TCW has continued to invest in and grow its credit research capabilities as we develop a strong suite of loan products to provide clients with smart solutions,” said Farnham. “We’ve seen solid performance from our loan products thus far, which is a testament to the strength of our credit research and selection process.”
TCW has expanded its dedicated loan products and assets significantly during 2013. In addition to the two CLO funds, TCW launched the MetWest Floating Rate Income Fund (MWFLX / MWFRX) in late June. The MetWest Floating Rate Income Fund invests in loans and other credit products with a goal of maximizing current income. As of November 30, 2013, the MetWest Floating Rate Income Fund had net assets of approximately $140 million.
“As investors continue to seek yield, as well as protection from rising rates, they are increasingly turning to floating rate loan products to achieve these objectives,” said Cudzil. “We’ve seen strong investor demand for both CLOs and the MetWest Floating Rate Income Fund from both institutional and retail clients.”
Natixis Securities Americas LLC served as placement agent and structuring agent on this CLO. Natixis is the corporate, investment and financial services arm of Groupe BPCE, France’s second-largest banking group.
TCW manages approximately $85 billion in fixed income assets, which includes over $6.5 billion in leveraged finance.
Various matters discussed in this news release constitute forward-looking statements within the meaning of the federal securities laws. Actual results and the timing of certain events could differ materially from those projected or contemplated by these forward-looking statements due to a number of factors, including general economic conditions, the level of volatility in the securities markets and other risk factors.
About The TCW Group
Founded in 1971, The TCW Group, Inc. develops and manages a broad range of innovative, value-added investment products that strive to enhance and protect clients’ wealth, with over $130 billion in assets under management. TCW clients include many of the largest corporate and public pension plans, financial institutions, endowments and foundations in the U.S., as well as a substantial number of foreign investors and high net worth individuals. For more information, please refer to www.tcw.com.