Los Angeles CLO manager close to S&P and Volcker doc change

West Gate Horizons is close to Volckerising one of its 2013 collateralised loan obligations, as well as modifying the documentation to reflect changes in Standard & Poor’s recovery ratings. The move comes as Volckerisation efforts are slowing because of a less refi-friendly environment — although some sources say equity investors are more receptive to such changes as they may enhance liquidity.