PPM America Announces Eleventh CLO Closing

CHICAGO--(BUSINESS WIRE)--PPM America, Inc. (PPM) today announced the closing of PPM CLO 5 Ltd. (CLO 5), a $408 million CLO with a 5-year reinvestment period. CLO 5 is managed by a PPM subsidiary, PPM Loan Management Company, LLC (PPMLM), a registered investment adviser created in 2017 to comply with risk retention regulations.

“We are proud to announce the closing of our eleventh CLO,” said James Damron, senior managing director and Head of CLO Management at PPM. “This transaction furthers PPM’s intent to be a regular issuer in the CLO market and carry on our low tail risk strategy with a focus on par coverage and high diversity in the most liquid part of the market.”

CLO 5 enabled PPM to expand its investor base to include multiple new debt and equity investors, while maintaining proactive management, strong characteristics and high quartile peer rankings for various metrics across our CLOs (according to the Wells Fargo U.S. CLO Manager Style Guide). CLO 5 is managed by the firm’s seasoned bank loan team, which averages 25 years of bank loan investment experience and manages $3.43 billion in bank loan assets as of September 30, 2021. The team has actively managed a wide range of mandates over multiple economic cycles and interest rate environments, and is supported by the firm’s robust and long-tenured 23-person credit research team. CLO 5 is the eleventh CLO in the firm’s history, which has been an active investor in bank loans since 1995.

About PPM America

Our mission is to be indispensable to our clients.

Founded in 1990, PPM America, Inc. (PPM) is a US-based institutional asset manager with $77.00 billion in assets under management as of June 30, 2021. We have the expertise to provide client investment solutions in public fixed income, private equity and private debt. Our investment approach is guided by team-based values and our firm size allows us to remain nimble and investment-led.

PPM is an indirect, wholly owned subsidiary of Jackson Financial Inc. (Jackson), a publicly traded company. Jackson is a leading US retirement services provider with market leadership supported by its diverse portfolio of differentiated products, efficient and scalable operating platform and industry-leading distribution network.