Pemba raises EUR 558.6 million with fifth CDO

Pemba Credit Advisers has closed its fifth collateralised debt obligation (CDO), the first since it was established as a single manager of Man Investments.

The new product, RMF Euro CDO V PLC, raised EUR 558.6 million through the issue of six classes of notes and a revolving credit facility which will be invested in a diversified collateral portfolio of senior secured loans, mezzanine and second lien loans and high yield bonds. The debt is diversified across 80-90 European issuers in 25 industries and 15 countries.

Pemba was originally established in 1998 as the European Leveraged Finance team of RMF Investment Management, a division of Man Investments. In recognition of its history of strong performance and continuing asset growth, Pemba became independent of RMF in 2007 and was established as one of Man Investments' stand-alone single managers.

'We had a high level of investor interest reflecting the strong returns of our outstanding vehicles, our history of no defaults and our ability to source quality loans,' said Mark Mink, Chief Investment Officer at Pemba. 'We were able to price the deal at very attractive levels.'

Pemba's four previous CDOs range in size from EUR 300 million to EUR 444 million. This latest CDO increases Pemba's assets under management to about USD 3 billion as at 4 April 2007.

Pemba Credit Advisers (Pemba) is a manager of European credit portfolios. It uses a process-driven investment approach to investing in senior secured loans, mezzanine and second lien loans and high yield bonds. The business was originally established in 1998 as the European Leveraged Finance arm of RMF Investment Management, a division of Man Investments. In recognition of its track record of strong performance and continuing asset growth, Pemba became independent of RMF in 2007 and was established as one of the stand-alone single managers of Man Investments.

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