TSL Express Daily News
The Secured Lender
SFNet's The 81st Annual Convention Issue
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Top 5 Apps for Organizing
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The Importance of Stretching
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SFNet's 40 Under 40 Award Winners Panel Recap
Mar 6, 2019Moderator: Samantha Alexander, regional underwriting manager, Wells Fargo Capital Finance’s Corporate Asset Based Lending group and 2016 CFA 40 Under…
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SFNet's Inaugural YoPro Leadership Summit
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It’s a Marathon, Not a Sprint
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It’s Not Too Late – Five Member Benefits to Cash In On Now
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It’s Time To Break Up With Your Phone
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Lien Management – What You Need to Know
Jun 6, 2018UCC filing is the cornerstone of all loans and every lien portfolio...
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Potential Impacts of Blockchain on Commercial Lending
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How to be a Good Leader
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Fintech and Due Diligence – Disruptors and Established Firms Evolve
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A Commercial Banker’s Tickler Transition Plan
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Understanding and Developing Your Personal Brand: Four Steps to a More Intentional Career Progression
Sep 5, 2017It is imperative for individuals to have a general idea about their future career aspirations, just as companies should have clearly defined strategies.
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Selecting a Technology Vendor: 3 Questions to Ask
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Why Back-Office Lending Automation Enhances Customer Satisfaction
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The Lost Art of the Loan Purchase
Mar 2, 2017Purchasing a loan directly from a bank whether at par or discount is a not-often-used technique that is easily…
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Audit Prep: Why a Paperless Approach Makes Sense
Feb 15, 2017How much time does your financial institution spend preparing for audits? We recently surveyed 187 community banks, and the results…
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Back Office Support Services: Helping you approve more clients
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“All Assets” is the Key When Drafting UCC-1 Financing Statement Collateral Descriptions
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Paper Loan Files: Does Your Bank Know the True Cost?
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April 24, 2024
Source: Businesswire
Institutional investor support continues to grow based on strong, consistent portfolio management capabilities
DALLAS--(BUSINESS WIRE)--Sycamore Tree Capital Partners (“Sycamore Tree”), a specialist asset manager with private and alternative credit investment expertise, today announced the closing of STCP CLO 2024-5, Ltd. (“STCP CLO 5” or “the Fund”), the Firm’s fifth and largest new issue collateralized loan obligation since launching its CLO platform in July of 2021.
STCP CLO 5 totals $504 million and received strong support from a broad range of new and existing institutional investors, including public pension funds, insurance companies and asset management firms. The Fund has a two-year reinvestment period, includes a one-year non-call period and features a senior triple-A spread of S+142 bps. Goldman Sachs acted as the Fund’s underwriter and Dechert, LLP served as counsel to Sycamore Tree.
“Our consistent focus on constructing quality investment portfolios and preserving capital continues to enhance Sycamore Tree’s standing among the global CLO investor community,” said Paul Travers, Managing Director and Portfolio Manager. “We greatly appreciate their trust and support.”
Additionally, the reset, extension and upsize of Sycamore Tree’s third CLO (“STCP CLO 3”) has also closed. Originally a $401 million fund issued in April 2023, STCP CLO 3’s weighted average cost of capital was reduced by 76 bps, its reinvestment period was extended by five years, and the Fund was upsized to $525 million. As part of the transaction, STCP CLO 3 will pay a special distribution.
“This opportunity to reset, extend and significantly grow CLO 3 is a testament to the Fund’s strong portfolio characteristics and ratings quality,” commented Scott Farrell, Managing Director and Portfolio Manager.
“CLOs provide investors with diversified exposure to bank loans, attractive optionality with regard to spreads and rates, the benefits of structural investment protections as well as stable, long-term financing,” added Trey Parker, Chief Investment Officer. “For these reasons, CLOs have been quite resilient during periods of market volatility.”
Having launched five distinct investment strategies to date, Sycamore Tree’s total firm assets under management now exceeds $2.5 billion.
About Sycamore Tree Capital Partners
Sycamore Tree Capital Partners is a value-oriented, durable-alpha investment firm specializing in alternative credit. Founded by industry veterans Mark Okada, Trey Parker and Jack Yang, the firm has deep experience across economic and market cycles. Headquartered in Dallas, TX, with an office in New York City, the firm’s expertise includes bank loans, high yield bonds, structured credit and special situations. For additional information, please visit www.sycamorelp.com.
Contacts
Andrew Merrill & Aidan O’Connor
Prosek Partners
646.818.9283
amerrill@prosek.com
aoconnor@prosek.com
