Highland completes takeover of former CypressTree CLO

Highland Capital has announced that its affiliate Acis Capital Management has now been appointed as successor manager of Hewett’s Island CLO I-R. It says deal, which has a balance of $243 million, brings Highland’s CLO assets under management to $17.5 billion, across 27 deals.

As reported in the August issue of Crediflux (see Debt investors block CLO manager sale), Highland was appointed as replacement manager after the original choice of successor was blocked by noteholders. The deal was launched by CypressTree Investment Management, which was later taken over by Primus. Key man clauses in the deal were triggered when Primus's CLO business was sold, in turn, to CIFC late last year.