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Chicago Firm Plans Structured Finance CDO

Deerfield Capital Management is planning to issue a collateralized debt obligation of structured finance assets, and UBS Securities is underwriting the transaction, according to sell-side and rating agency officials. They said Chicago-based Deerfield, which was an active issuer of CDOs referenced to corporate credits but has not been as active in using structured finance assets as underlying collateral, is attempting to raise cash from investors to fund USD300 million in CDO liabilities. It will be backed by a mix of investments in various asset-backed sectors. Marketing on the transaction, dubbed Wolf Creek CDO, began late last month. The deal is expected to be priced later this fall.

An assistant to Scott Roberts, president of Deerfield Capital, referred questions to John Brinckerhoff, a spokesman for the asset manager. He declined comment and Jim Stehli, who is responsible for assembling structured finance CDOs at UBS, did not return a call.

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