First Eagle Alternative Credit, an alternative credit manager, closed Lake Shore MM CLO III at $318 million. The offering is First Eagle’s third collateralized loan obligation that includes middle market leveraged loans.
Citi served as lead manager, structuring agent and bookrunner.
First Eagle and its affiliates now manage 40 CLOs, totaling approximately $17 billion in assets under management. The previous middle market CLO offerings, THL Credit Lake Shore CLO II and THL Credit Lake Shore I, closed in September 2019 at $306 million and in April 2019 at $411 million, respectively.
“This is the first CLO that we have closed since becoming part of First Eagle, and our scaled platform has been and continues to be well positioned to manage through the market volatility and capitalize on current market opportunities,” Chris Flynn, president of First Eagle Alternative Credit, said. “Our deal pipeline remains strong as we are able to provide innovative financing solutions to our target verticals.”
“I am really proud of our team for closing Lake Shore III as it demonstrates our ability and preparedness to take advantage of new opportunities arising from the market dislocation,” Michael A. Herzig, senior managing director and head of business development at First Eagle, said. “First Eagle is well prepared to deploy this capital and provide middle market borrowers with a variety of liquidity solutions.”