September 2020

Deutsche Bank’s Trust & Agency Services (TAS) recently won the appointment to provide services for Columbia Management Investment Advisers, LLC‘s (Columbia) recent U.S. CLO, Columbia Cent CLO 29 Limited.

The TAS team facilitated the issuance of Columbia’s first CLO of 2020, providing trustee, collateral administration and agency services. The CLO is comprised of three classes of senior notes totalling $252 million, seven classes of mezzanine notes totalling $108 million, with a $34.3 million subordinated class, all due in 2031.

This CLO transaction includes the Applicable Margin Reset (AMR) feature, the tenth in the market overall according to market data. AMR provides an alternative to refinance the interest rate on the outstanding rated classes of CLO securities using a modified Dutch auction procedure to set the new interest rate on each participating class of securities.

“We are delighted to have supported this complex and successful transaction for Columbia, a long standing DB client”, comments Brian Studdert, Head of TAS Americas at Deutsche Bank.

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