ZCG Announces the Closing of $251.6 Million Refinancing of 2019-1 Structured Vehicle
NEW YORK, Sept. 28, 2021 /PRNewswire/ -- Z Capital Credit Partners, L.L.C. ("ZCCP"), the credit fund management arm of Z Capital Group, L.L.C. ("ZCG"), announced today that it has successfully refinanced $251.6 million of ZCCP 2019-1 CLO, which is managed by its affiliate, Z Capital CLO Management, L.L.C. ("Z Capital CLO Management"). The transaction significantly reduces the weighted average cost of liabilities.
The transaction was issued in July 2019 as the $327.35 million ZCCP 2019-1 CLO, which has significant investment flexibility, including the ability to invest up to 50 percent of its assets in Caa-rated loans. The CLO is primarily comprised of senior secured loans with a four-year investment period and an eight-year weighted average life.
In May 2021, ZCCP also priced ZCCP 2021-1 CLO, its third high investment flexibility CLO, and the first post-covid high flex CLO by any manager. ZCCP 2021-1 has the ability to invest up to 30 percent of its assets in Caa-rated loans.
Amherst Pierpont Securities acted as the arranger for both transactions.
About ZCG
ZCG is a leading, privately held, New York based investment firm with approximately $5.0 billion of assets under management across complementary private equity and credit businesses.
Z Capital Partners, LLC ("ZCP") is the private equity fund management platform. ZCP's investment philosophy centers on operational value creation and is driven by targeted investment themes, deep sector expertise and strong partnerships with management teams. ZCP Principals have made over twenty-six years numerous investments across industries, including consumer products, consumer food, restaurants, gaming hospitality, manufacturing, media, publishing, metals and business services. ZCP current portfolio companies have worldwide annual revenues of approximately $1.6 billion, sell products in 55 countries, operate 15 manufacturing facilities, and have over 200,000 employees and associates directly and through joint ventures.
Z Capital Credit Partners, LLC ("ZCCP") is the credit fund management platform. ZCCP invests across a range of credit investments including leveraged loans, private debt, and opportunistic stressed credit. ZCCP manages closed and open-ended funds as well as structured vehicles for strategic debt. Developed over twenty years, ZCCP's approach to fundamental credit analysis encompasses proprietary sourcing, sophisticated structuring and comprehensive risk management using the Olympus™ system.
For more information, please visit www.zcg.com.
Contact
Joele Frank, Wilkinson Brimmer Katcher
Jonathan Keehner / Tanner Kaufman
212-355-4449
SOURCE Z Capital Group, L.L.C.
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