Company hires and sector developments in structured finance

Acquisitions

LibreMax Capital has entered into an agreement to acquire Trimaran Advisors and certain affiliated companies (Trimaran) from KCAP Financial. Following the close of the transaction, Trimaran’s cio and head of its CLO platform, Dominick Mazzitelli, will continue to lead the business, supported by the existing management team. Trimaran currently manages six CLOs with approximately US$3bn AUM and the transaction is subject to customary closing conditions but is expected to close by year end.

Motion to dismiss

The trustee for the ACIS CLO 2013-1, 2014-3, 2014-4, 2014-5 and 2015-6 deals has filed proofs of claim on behalf of the secured parties in the Acis Capital Management bankruptcy case (SCI 2 November). Unless otherwise instructed prior to the close of business on 13 November, it does not intend to vote, object or submit pleadings with respect to the plan. However, Highland Capital Management has filed a motion for an order dismissing the debtors' Chapter 11 cases or, as an alternative, converting the cases to Chapter 7 for Cause. A hearing on the motion to dismiss has been scheduled to commence after the hearing on confirmation of the plan on 11 December. 

Partnerships

Texel Finance has entered into a new credit insurance facility with Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance, to target key emerging opportunities in the structured finance and specialist financing sectors. The facility will offer cover of up to US$100m for tenors of up to 10 years on any single risk or transaction. Opportunities to be targeted include providing insurance via more structured arrangements, such as tranched credit portfolio risk transfer, and covering more specialist financial exposures. Clients will be both traditional users of credit insurance, such as banks, as well as other less traditional buyers of it, such as asset managers and other financial intermediaries, who are increasingly looking to find new solutions for limit management and regulatory capital relief.