Emporia Capital Management is marketing its third collateralized loan obligation, the first since it added a loan origination team last year. According to Securitization News, a CIN sister publication, the $414.8 million Emporia Preferred Funding III cash flow transaction is backed by 85% first-lien loans and 15% second-lien loans.
Emporia added the Los Angeles-based six-person loan origination team in October from Union Bank of California. Emporia Preferred Funding III will be only 50% ramped before closing and will have a 12-month ramp-up period. The CLO is expected to close March 15. Wachovia Securities is underwriting the deal. Wachovia and Emporia officials did not return calls.
