Stanfield Capital Management has reportedly upsized the collateralized debt obligation it has been ramping up over the last six months from its original size of $500 million to $850 million as available collateral for warehousing has become more available. Chris Pucillo, portfolio manager at Stanfield, declined to comment. "There was great demand from investors for the deal and they could find collateral that made sense," noted one market player familiar with the transaction. The vehicle was reportedly upsized a month ago to $750 million and then once again to $850 million a few days prior to pricing of the liabilities during the last week of May.
Credit Suisse First Boston is underwriting the deal and State Street Bank & Trust will act as trustee. Equity investment will reportedly come mostly from third-party investors. (For structure and pricing details, see our web site.) Stanfield has already sold notes to investors, but final settlement or close on the deal is scheduled to take place at the end of the month. A final ramp up phase will take place after close with reportedly less than one-third of the assets left to be warehoused.