The Princeton Advisory Group is readying another collateralized loan obligation on the heels of the close of its second. The deal will be around $300 million and come to market in the first quarter next year, said Paul Malecki, senior portfolio manager in Princeton, N.J.
Like the debut CLO Rosedale, it will be cash and backed mostly by senior-secured loans. The manager hasn’t picked an underwriter and Malecki declined to name firms under consideration. Princeton Advisory’s second CLO, the synthetic Canal Point I, closed July 28.
With the growth in its CLO business, Malecki has hired Paresh Shah as a senior credit analyst. Shah is responsible for analyzing, recommending and managing senior secured bank loans. He joined from the Bank of Tokyo-Mitsubishi in New York and reports to Malecki. Malecki is looking to add another one to two bank loan analysts by the fall.
Separately, Princeton’s asset-backed securities CDO group also plans to expand. The manager is looking to add one surveillance analyst, a portfolio manager/researcher and a CDO analyst, said David Tankin, cio and senior portfolio manager. He hopes to fill the surveillance position by fall and the other spots by winter.