American Capital Access has tweaked the structure of a collateralized debt obligation it is marketing to investors, in a move that limits its flexibility as a collateral manager. The move follows the recent resignations of Maryam Muessel, coo and head of the structured finance business, and Michael Satz, ceo of the company's bond insurance business. Cathy Bailey, director of marketing for ACA, declined to comment on the Rule 144a transaction but stressed that Muessel and Satz's departures were unrelated.
The new structure strait-jackets the pool and does not allow for substitutions. "It's now a fully static deal," said one official familiar with the structure, although he stressed that the change was not necessarily related to the company's personnel changes. "The actual CDO team is still intact," he added.
