trimaran clo

LibreMax expanding into CLOs through Trimaran acquisition

LibreMax Capital, an asset management firm that specializes in structured credit, is expanding into collateralized loan obligations with the acquisition of CLO management firm Trimaran Advisors.

The New York-based LibreMax announced the deal Friday, stating it will take over six CLOs with $3 billion in portfolio assets that Trimaran managed under former owner KCAP Financial (Nasdaq: KCAP).

Those deals include Trimaran’s $407.6 million Catamaran 2018-1 CLO that priced in September through Credit Suisse, according to Refinitiv (formerly Thomson Reuters LPC).

Terms were undisclosed.

“The addition of Trimaran expands our core products — diversifying our platform and offering our investors access to an asset class that has performed well through various credit cycles,” said Greg Lippmann, chief investment officer of LibreMax, in a release.

LibreMax’s investment focus includes mortgage-backed securities (both commercial and non-agency residential) and consumer asset-backeds.

The new business line will more than double LibreMax’s current assets under management ($2.9 billion).

During an earnings conference call with analysts last week, KCAP's president and chief executive, Dayl Pearson, gave no indication the CLO business was on the market. But he said KCAP was “open minded” in pursuit of “avenues that generate value and are constantly looking opportunities to bring shareholder value” of its CLO business.

Pearson said KCAP was considering one or two resets of existing CLOs that would extend and amend the terms of tenors of transactions.

Trimaran’s existing management will make the move to Trimaran to continue running the business, including chief investment officer Dominick Mazzitelli.

Overcollateralization, subordination of the junior notes, a non-declining cash reserve account and excess spread provide credit enhancement to the notes.

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LibreMax Capital Establishes CAVU Investment Partners

Forms Strategic Partnership with TowerBrook Capital Partners for Investment in New Issue CLO Equity of Trimaran

NEW YORK--( BUSINESS WIRE )--LibreMax Capital, LLC (“LibreMax”), an asset management firm specializing in structured products and corporate credit, today announced the establishment of CAVU Investment Partners, LLC (“CAVU”). This new entity, formed in partnership with international investment management firm TowerBrook Capital Partners L.P. (“TowerBrook”), will invest in the equity tranches of new issue collateralized loan obligations (“CLOs”) managed by Trimaran Advisors, LLC (“Trimaran”), the CLO management platform of LibreMax. David Moffitt, Head of Tactical Opportunity Investing and CLO Management at LibreMax and President of Trimaran will serve as President of CAVU.

Under the terms of the partnership, TowerBrook has made a substantial commitment to CAVU to support multiple Trimaran CLOs. CAVU is expected to begin investing in the second quarter of 2019 and can continue making investments for five to seven years.

Mr. Moffitt said, “ We are pleased to partner with TowerBrook to form CAVU, which we believe will allow us to better access the capital markets and scale the Trimaran platform, while generating attractive returns for our investors. Our ability to come to market with dedicated equity will provide our debt investors increased flexibility and greater certainty of execution.”

“ We have a longstanding relationship with LibreMax and we are delighted to form this strategic partnership to help scale the Trimaran platform over the long-term,” said Jonathan Bilzin, Managing Director of TowerBrook.

The investment was made through the TowerBrook Structured Opportunities Fund (TSO), which was established in 2015 to back great management teams and businesses at the inflection point of growth and change where traditional control-oriented attributes may not apply.

LibreMax acquired Trimaran in December 2018. Trimaran currently manages six CLOs with approximately $3 billion of assets under management.

About LibreMax Capital

Founded in 2010, LibreMax Capital, LLC is a New York-based asset management firm specializing in structured products and corporate credit with $6.3 billion of assets under management.

About TowerBrook

TowerBrook Capital Partners L.P. is an investment management firm with in excess of $12.4 billion under management and a history of creating value for investors. The firm is co-headquartered in New York and London and focuses on making investments in companies headquartered in North America and Europe. TowerBrook’s private equity strategy primarily pursues control-oriented investments in large and mid-market companies, principally on a proprietary basis and often in situations characterised by complexity. TowerBrook’s structured opportunities strategy invests in transactions incorporating contractual downside protection or where traditional control-oriented attributes may not apply. TowerBrook is a certified B Corporation. B Corporation certification is administered by the non-profit B Lab organisation and is awarded to companies that demonstrate leadership in their commitment to environmental, social and governance (ESG) standards and responsible business practices.

Media LibreMax Capital Jonathan Gasthalter / Amanda Klein Gasthalter & Co. (212) 257-4170 TowerBrook Capital Partners Blake Sonnenshein / Alex Yankus Brunswick Group (212) 333-3810 [email protected]

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LibreMax Capital to Acquire Trimaran Advisors

NEW YORK--( BUSINESS WIRE )-- LibreMax Capital, LLC , an asset management firm specializing in structured credit, today announced that an affiliate has entered into a definitive agreement to acquire Trimaran Advisors, LLC , a U.S.-based investment manager with expertise in managing collateralized loan obligations (“CLOs”), and certain affiliated companies, from KCAP Financial Inc. (Nasdaq:KCAP).

Trimaran currently manages six CLOs with approximately $3 billion of assets under management. Following the close of the transaction, Trimaran’s Chief Investment Officer and head of its CLO platform, Dominick Mazzitelli, will continue to lead the business, supported by the existing management team.

“Trimaran is a well-respected CLO manager with a seasoned team of investment professionals, whose strategy complements our deep structured credit expertise,” said Greg Lippmann, Chief Investment Officer of LibreMax. “The addition of Trimaran expands our core products — diversifying our platform and offering our investors access to an asset class that has performed well through various credit cycles.”

Mr. Mazzitelli added, “LibreMax’s significant experience investing across a broad range of structured credit assets makes the firm a great fit for our platform. We look forward to working with the LibreMax team to provide its investors with attractive opportunities across the leveraged loan market.”

The transaction is subject to customary closing conditions and is expected to close by year end.

Schulte Roth & Zabel LLP served as legal counsel for LibreMax on the transaction.

About LibreMax Capital

Founded in 2010, LibreMax Capital, LLC is a New York-based asset management firm specializing in structured credit with $2.9 billion in assets under management.

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Trimaran Advisors, LLC

Mon 30 Mar, 2020 - 10:41 AM ET

Key Considerations •Established CLO manager that has issued more than $6.8 billion of CLOs since 1998. •Highly seasoned credit team averaging approximately 25 years of experience. •Investment Committee is led by industry veterans like President David Moffitt and CIO/PM, Dominick Mazzitelli. Company •Trimaran merged with LibreMax Capital, LLC (together with affiliated companies, LibreMax) in December 2018. LibreMax is an $8.4 billion investment management firm specializing in structured products and corporate credit. •Trimaran operates as an integrated, credit-based firm with $3.8 billion of AUM across eight CLOs as of Dec. 31, 2019. •Trimaran was founded in 1998 as Caravelle Advisors, LLC and changed its name to Trimaran Advisors, LLC in 2001. •LibreMax provides Trimaran with management oversight, capital markets, marketing and infrastructure support. •Trimaran’s new CLO issuance is supported by CAVU Investment Partners, a dedicated equity sponsorship vehicle. Investments •Credits are reviewed frequently and all portfolio management decisions are determined by the portfolio manager in consultation with the relevant members of the credit team.

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Press release, kcap financial, inc. announces closing of a $408.5 million clo fund to be managed by trimaran advisors, l.l.c..

NEW YORK , Dec. 21, 2016 (GLOBE NEWSWIRE) -- KCAP Financial, Inc. ("KCAP") (Nasdaq:KCAP) (NYSE:KAP) announced that Catamaran CLO 2016-1 Ltd., a $408.5 million Collateralized Loan Obligation ("CLO") fund has closed. Trimaran Advisors, L.L.C. , a wholly-owned portfolio company of KCAP, will serve as the investment manager for the CLO and KCAP will invest approximately $10.1 million in the junior tranche of notes issued by the fund. This is the sixth CLO fund brought to the market since KCAP's acquisition of Trimaran Advisors, L.L.C. in February of 2012.

About KCAP Financial, Inc.

KCAP Financial, Inc. is a publicly traded, internally managed business development company. KCAP's middle market investment business originates, structures, finances and manages a portfolio of term loans, mezzanine investments and selected equity securities in middle market companies. KCAP's wholly-owned portfolio companies, including Trimaran Advisors, L.L.C. and other affiliates, manage collateralized debt obligation funds that invest in broadly syndicated corporate term loans, and other credit instruments.

KCAP Financial, Inc.'s filings with the Securities and Exchange Commission , earnings releases, press releases and other financial, operational and governance information are available on its website at www.kcapfinancial.com .

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KCAP's Trimaran prices $415M CLO via Credit Suisse

Fed rally & default fears bring bifurcation back to leveraged loans

Industry-Specific Losses Stand Out In Leveraged Loan Market As COVID-19, Oil Fears Globalize

Loan Downgrades Are the Biggest Concern for the European CLO Market

Europe’s Leveraged Loan Issuers Draw on Revolving Credits to Preserve Liquidity

• 12 Dec, 2012 | 22:45
• Theme Capital Markets Leveraged Finance & High Yield
• Segment Corporations Investment Banking Investment Management Private Equity
• Tags Leveraged Commentary and Data

Credit Suisse has priced a $415.4 million CLO for Trimaran Advisors, according to sources.

The transaction is structured as follows:

Trimaran is a portfolio company of KCAP Financial.

With Trimaran’s deal, CLO issuance in the year-to-date rises to about $50.49 billion, excluding static transactions, according to LCD. Issuance for December, meanwhile, rises to about $4.25 billion. –  Kerry Kantin

• Capital Markets Leveraged Finance & High Yield
• Corporations Investment Banking Investment Management Private Equity
• Leveraged Commentary and Data

TR50 CUSTOM CRUISING TRIMARAN

The concept evolved from a series of highly motivated discussions with a couple of veteran trimaran sailors who found themselves boatless and lusting after the next liveboard sailing adventure.

The sailors in question are Jason and Clo from Sailing Spirit and if you're not familiar with their work check out their YouTube channel on this link.

www.youtube.com/@SailingSpirits

Jason was eager to show he's not closed minded about the kind of boat he likes to sail and so we agreed to spend some time comparing the concept of a 50' cat to see how it would stack up in terms or accommodation, performance and style.

Yeah, well, we pretty much knew how that would go before we got too far into the project. In spite of having more cabins and about three times the interior floor space the cat soon took a back seat in the discussions. It was always going to be a trimaran.

We did come up with some pretty creative ideas for the cat and we'll present some of them in another article.

Jason and Clo spend a lot of time on the water.  In spite of - (or maybe because of - their experience doing deliveries and working as professional crew, they have seriously minimal requirement in terms of creature comforts and gadgetry. Apart from their own boat they work as professional crew  and do delivery work so they have a pretty good idea of what works for them on a cruising boat, 

The emphasis for the design work was to be on the sailing qualities of the vessel and keeping things simple for minimum maintenance and affordable build cost. Two double cabins and a single bathroom was all they required but I added  a second bathroom in the aft cabin as an optional feature for owners seeking more privacy for guests.

Spirit, the formula 40 trimaran that Jason and Clo  lived aboard and sailed more than half way around the world. Spirit was the melting pot that brewed the ideas for a 50' live aboard cruising trimaran.

TR50 LAYOUT IMAGES

Cockpit and Saloon looking forward from the Helm Stations

Aft Cabin with the Back Door Open. 

Looking forward into the Aft Cabin from the Boarding Deck

For a trimaran that will do a lot racing the emphasis is on high buoyancy floats with a lot of buoyancy low down to minimise heeling and get main hull to lift as early as possible.

For a cruising trimaran we still want to keep a lot of buoyancy in the floats but the emphasis is on a more V shaped section rather than U shaped for a gentler ride in more animated sea conditions.

We achieved the combination of the V shaped hull form with high buoyancy by increasing the float profile. This form will provide a softer motion upwind at the expense of slightly increased wind profile.

FIXED FINS FOR THE FLOATS

Fixed fins on the floats don't add much to the draft and provide good upwind performance without interfering with the interior layout.

Layout with large double berth and no bathroom in aft cabin

Two cabin layout with optional bathroom in aft cabin. 

TENDER STOW

From my own experience as a trimaran owner I was adamant that the issues of boarding access from the transom deck and tender stowage needed to be addressed early in the concept stage and we spent quite some time tossing around ideas, mainly on the tender stow issue.

The transom deck and access to the cockpit was fairly easy to deal with as the  hull form aft is broadly flared, allowing plenty of space for steps and a walkway each side of the aft cabin.

For the tender stow two possible solutions emerged. One with the tender centred on the boarding deck, the second with the tender on chocks to one side of the aft cabin.  

The first solution makes it difficult to fit chocks under the tender without obstructing passage to the cockpit. The second solution allows for the chocks to remain permanently in place. In both cases the tender can be launched and retrieved using a tackle from the outboard boom end.

HELM STATION AND SAIL CONTROLS

Design of the helm station and access to the sail controls is at the heart of the efficient functioning of a sailing yacht. Twin helm stations aft in the cockpit with sail controls readily at hand keep the helm person in close proximity to rest of the crew and guests. 

The helm has good visibility from the seated or standing helm position, and even better visibility over the cabin top by standing on the side deck.

In adverse conditions the helm person can also benefit from the protection of the roof that extends right to the forward end of the aft cabin.

An optional tiller steering arrangement allows for helming from the aft beam sitting or standing.

PRICE AND SPECIFICATION

Construction: PVC foam cores/epoxy infused with glass and carbon reinforcements engineered to ISO12215-17 

Pricing starts from around USD1.25m sail away ex shipyard in Thailand. Limited build slots are available.

Contact us to draw up custom specification, confirm price and possible delivery date.   [email protected]

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Trimaran Advisors Clo Vii Ltd – Fund Data

• Private Funds

Trimaran Advisors Clo Vii Ltd

Trimaran Advisors Clo Vii Ltd is a securitized asset fund operated by Trimaran Advisors, Llc and has approximately $135 million in assets. The current minimum investment for Trimaran Advisors Clo Vii Ltd is $200000. 11 percent of the fund is owned by fund of funds. Management owns 11 percent of the fund.

Trimaran Advisors Clo Vii Ltd Overview

Fund Manager: Trimaran Advisors, Llc (Crd# 158256)

Registered Location: Cayman Islands

Total Assets: $135 million

Minimum Investment: $200000

Private Funds Managed by Trimaran Advisors, Llc (7): Trimaran Advisors Clo Vii Ltd , Catamaran Clo 2012 1 Ltd , Catamaran Clo 2013 1 Ltd , Catamaran Clo 2014 1 Ltd , Catamaran Clo 2014 2 Ltd , Catamaran Clo 2015 1 Ltd , Catamaran Clo 2016 1 Ltd

Trimaran Advisors Clo Vii Ltd Details

Auditor(s):

Broker-Dealer(s):

Custodian(s): The Bank Of New York Mellon Corporation

Administrator(s): Maples Finance Limited

Trimaran Advisors Clo Vii Ltd Charts and Graphs

Total aum: $135 million.

Rank: 8997 out of 30967 registered private funds

Rank: 17867 out of 30967 registered private funds

Management Ownership: 11%

Rank: 7971 out of 30967 registered private funds

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