Garrison CLO will refinance existing deals, says Bloomberg

Bloomberg reports that Deutsche Bank’s planned CLO for Garrison Investment Group, first reported in Creditflux (see Boutique lines up mid-market CLO), will be a refinancing of assets from two existing Garrison CLOs. It adds that the equity in the $350 million deal will be three-times levered.

Spreads on the planned deal’s triple A notes are being talked about in the range of 225 to 250 basis points, adds Bloomberg, which says that Deutsche Bank will retain some of the triple As. There will also be a double A tranche paying 400 to 450bp. Garrison will retain the equity.