PPM America Announces Twelfth CLO Closing
CHICAGO--(BUSINESS WIRE)--Dec 20, 2022--
PPM America, Inc. (PPM) today announced the closing of PPM CLO 6 Ltd. (CLO 6), a $300 million CLO. This is PPM’s sixth CLO since the firm re-entered the CLO market in 2018, and the twelfth CLO in the firm’s history. CLO 6 is managed by a PPM subsidiary, PPM Loan Management Company 2, LLC, a registered investment adviser.
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“During a period of rising rates and market volatility, we are proud to have been able to close a deal with 17 investors, many of whom are new to PPM’s CLO platform,” said James Damron, Senior Managing Director and Head of CLO Management at PPM. “Pricing and closing CLO 6 in a challenging market environment with ongoing investor concerns further supports the ability and strength of PPM’s CLO platform and our relationships with current and new investors.”
CLO 6 is managed by the firm’s seasoned bank loan team, which averages 26 years of investment experience and manages $7.98 billion in leveraged credit and CLO assets as of September 30, 2022. 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. PPM 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 $70.07 billion in assets under management as of September 30, 2022. We have the experience 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 which allows us to remain nimble and investment-led. For more information, please visit PPM’s website at ppmamerica.com.
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.
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KEYWORD: ILLINOIS UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: FINANCE CONSULTING BANKING PROFESSIONAL SERVICES ASSET MANAGEMENT
SOURCE: PPM America, Inc.
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PUB: 12/20/2022 12:45 PM/DISC: 12/20/2022 12:46 PM