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Bear Stearns Prints Debut WhiteHorse Deal. . .

29 Jul 2004

Bear Stearns has priced and issued the notes backing WhiteHorse Capital Partners' first collateralized loan obligation.

Bear Stearns has priced and issued the notes backing WhiteHorse Capital Partners' first collateralized loan obligation. The $179 million in liabilities was priced last week for WhiteHorse I, said an investment manager. The cash-flow vehicle will be approximately $200 million and will invest almost entirely in senior secured loans, with a small high-yield bond bucket. Ira Wagner, a senior managing director at Bear Stearns, said he will not comment on any transaction that could be in the market. WhiteHorse portfolio manager Ethan Underwood also declined comment.

WhiteHorse is a Dallas-based investment firm that focuses on managing leveraged loans and structured finance vehicles (LMW, 7/7). The firm was formed last year by a group that includes ex-Highland Capital Management staffers, including managers Jay Carvell and Underwood. Jarred Worley, who is the structured product manager and chief operations officer, is also a founding member. Other staffers at the firm include Antal Desai and Nate Stinchcomb, who are portfolio analysts. Desai previously worked at Goldman Sachs and Stinchcomb was at Crédit Lyonnais.

29 Jul 2004