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.