Lyon Capital Management, an arm of Credit Lyonnais that manages loan assets in structured vehicles, has raised the debt for its first $325 million cash-flow arbitrage collateralized loan obligation called LCM Limited Partnership I. Goldman Sachs and Credit Lyonnais are joint underwriters for the cash-flow arbitrage vehicle, said a source. Officials at Lyon referred calls to a Goldman Sachs banker, who did not return calls. The spread on the $201.5 million triple-A tranche is LIBOR plus 55 basis points. The $30 million triple-B is LIBOR plus 350 basis points and the equity piece is $30 million.