Credit Suisse First Boston has priced the notes for The Blackstone Group's Union Square CLO. The $400 million deal is the second CLO completed since Dean Criares, managing director and portfolio manager, joined from Trimaran Advisors in January 2002. Originally the deal was slated to be $300 million, according to a source. Another source said in addition to being increased, the deal priced tighter than market talk. The $291 million triple-A tranche is priced at LIBOR plus 53 basis points.
CIBC World Markets and co-arranger J.P. Morgan underwrote the debut $600 million Hanover Square CLO, but when the CIBC team left for CDC IXIS, Blackstone sought a new manager, the first source said. Criares declined comment and CSFB bankers did not return calls by press time.