Lehman Brothers is close to raising a $500 million collateralized loan obligation for Gulf Stream Asset Management. The deal is called Gulf Stream Compass CLO 2005-1 and uses the Par structure. This has fewer overcollateralization tests on the triple-B notes than conventional CLOs and also removes the need to issue double-B paper. Gulf Stream was founded in March 2002 by Mark Mahoney. Since then the firm has completed three CLOs.
Lehman Raises Gulf Stream CLO