The Alcentra Group is on the road with a new collateralized debt obligation called Pacifica III, which is underwritten by Credit Suisse First Boston. Although the deal is currently slated to be a $300 million vehicle, one source said it could be upsized slightly. The vehicle is described as a "very vanilla" cash-flow deal. Steve Bruce, Alcentra's U.S. head of operations and chief investment officer, was traveling and could not be reached for comment.
The Los Angeles-based Alcentra group already manages the $500 million Pacifica I CDO and $300 million Pacifica II CDO. Pacifica II just priced last summer and was designed to invest at least 95% in leveraged loans and up to 5% in high-yield bonds. Pacifica II, which was arranged by CSFB, is co-lead managed by TD Securities.
Alcentra was formed in March 2002 with the acquisition of Imperial Credit Asset Management in the U.S. and Barclays Capital Asset Management in Europe. The firm's London branch also manages its own troop of CDOs including the Blue Eagle CDO I, the Jubilee CDO I and the Jubilee CDO II. David Forbes-Nixon is the chief investment officer and head of European operations.