PPM America Closes Thirteenth CLO
June 27 2024 - 8:20AM
Business Wire
PPM America, Inc. (PPM) today announced the closing of PPM CLO 7
Ltd. (CLO 7). CLO 7 has 16 unique investors, seven of which are new
to PPM, and a deal size of $401M. It is PPM’s seventh CLO closed
since the firm re-entered the CLO market in 2018, and the
thirteenth CLO closed in the firm’s history.
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PPM America’s CLO Team, with Chris
Kappas, Portfolio Manager, today announced the close of CLO 7
following the upsize and reset of CLO 6 in December 2023 and the
reset of CLO 2 this past March. (Photo: Business Wire)
CLO 7 is managed by a PPM subsidiary, PPM Loan Management
Company 2, LLC, a registered investment adviser. Recently, PPM’s
CLO strategy ranked 1st and 3rd respectively out of 127 managers in
12-month default adjusted par build and 12-month highest market
value change based on the period ending in March 2024, according to
Bank of America CLO Research.1
“The closing of CLO 7 is the continuation of PPM’s recent
activity in the marketplace along with the upsize and reset of CLO
6 in December 2023 and the reset of CLO 2 this March,” said Chris
Kappas, CLO Portfolio Manager. “We believe investors appreciate our
credit focused, active management approach and the potential for
success that it brings. With three transactions printed in the past
seven months, we have also provided the frequency of issuance that
investors are seeking.”
PPM’s CLO platform is part of the firm’s seasoned leveraged
credit team, which averages 20 years of investment experience and
manages $7.88 billion in assets as of March 31, 2024. The team has
actively managed a wide range of high yield and bank loan mandates
over multiple economic cycles and interest rate environments, and
is supported by the firm’s robust 25-person credit research
team.
1 Source: BofA Global Research, CLO Factbook: BofA CLO Manager
Performance Summary – March 2024, as of April 16, 2024. BofA
Research used Intex and Markit to examine CLOs within the
reinvestment period at the end of March 2024 that have made their
first payment as of March 2024. PPM has not independently verified
BofA’s results. While PPM does not provide cash compensation for
third-party ratings and/or rankings, PPM may use companies or
agencies that provide such ratings and/or rankings to perform other
services for PPM unrelated to the ratings and/or rankings and in
exchange for cash compensation. These rankings should not be
considered indicative of actual results to be obtained by any PPM
CLO.
About PPM America
Our mission is to be seen by clients and their advisors as a
consistently reliable partner to help them achieve their long-term
value goals.
PPM is a US-based institutional asset manager with $71.77
billion in assets under management as of March 31, 2024.2
Established in Chicago in 1990, PPM exists to consistently support
institutional clients in achieving their long-term value goals. We
offer our Midwestern mentality of hard work, straight talk, full
transparency and humility. Our success is supported by a team-based
culture that encourages debate, collaboration and consistency. At
the center of our belief is the fact that our best ideas to date
have and can come from any team member anywhere in our firm. We
believe the success of our investment culture is best demonstrated
by the strong retention of our clients and investment
professionals.
2 AUM includes committed but unfunded capital for PPM’s private
equity and commercial real estate businesses.
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Julie Bruzek, Senior Managing Director Marketing &
Communications P: 312-843-5969 E:
media@ppmamerica.com www.ppmamerica.com