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Babson Capital named replacement manager for two loan CDOs

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Babson Capital Management, an investment management firm based in Massachusetts and North Carolina, has been selected by the controlling class of investors to serve as successor collateral manager of two collateralized debt obligations previously managed by Tricadia Loan Management.

Under the terms of the amended management agreement, Tricadia CDO 2005-4 with USD250m in assets is renamed Ashford CDO I, and Tricadia CDO 2006-6 with USD330m in assets is renamed Ashford CDO II.

“We’re delighted to have been selected by the investors to assume management of these CDOs,” says Matthew Natcharian (pictured), managing director and head of the structured credit team at Babson Capital. “Including the assumption of the Tricadia portfolios, Babson Capital has been named replacement manager for 16 CDOs and collateralized loan obligations worth more than USD4.7bn since 2003, which speaks to our global leadership in structured-credit investing and our track record of success over many market cycles.”

Ashford CDO I and II are technically loan CDOs of CDOs, which means the underlying assets backing the CDO are loans aggregated in CLOs.

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