This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration. Need a new registration confirmation email? Click here
Oct. 30, 2013 /PRNewswire/ -- Telos Asset Management LLC ("Telos"), a subsidiary of Tiptree Financial Inc. ("Tiptree"; NASDAQ: "TIPT"), announced that Telos CLO 2013-4, Ltd. ("Telos 4"), a collateralized loan obligation vehicle ("CLO") for which it acts as collateral servicer, has satisfied its Effective Date requirements for Moody's Investors Service and received ratings confirmation from Standard & Poor's Rating Services. Telos 4 closed the issuance of
$365.3 million of notes on
August 6, 2013. The notes are secured primarily by broadly syndicated senior-secured loans. BNP Paribas Securities Corp. acted as the initial purchaser for the transaction.
John McCormick, President and Chief Investment Officer of Telos, stated "We are very pleased to continue the growth of our asset management platform and look forward to serving the best interests of all of our new investors."
Telos 4 is the fourth CLO for which Telos serves as collateral servicer and the second to become effective this year. Telos CLO 2013-3, Ltd. closed the issuance of
$361.4 million of notes on
February 26, 2013 and became effective on
June 5, 2013. In addition, Telos serves as collateral servicer of Telos CLO 2013-5, Ltd., which has entered into a
$140 million credit facility in anticipation of the issuance of CLO notes.
About Telos Asset Management LLC Telos is an asset management company focused on investing in corporate credit either through managed accounts or structured investment vehicles such as CLOs. As of
September 16, 2013, Telos has approximately
$1.53 billion of assets under management, which consists of four matched funded CLOs and a CLO warehouse.
About Tiptree Financial Inc. Tiptree is a diversified holding company. Through its operating subsidiary, Tiptree Operating Company, LLC, Tiptree's primary focus is on four sectors of financial services: insurance and insurance services, real estate, asset management and specialty finance (including corporate, consumer and tax-exempt credit).
Cautionary Statement Regarding Forward-Looking Statements This release contains "forward-looking statements" which involve risks, uncertainties and contingencies, many of which are beyond Tiptree's control, which may cause actual results, performance, or achievements to differ materially from anticipated results, performance, or achievements. All statements contained in this release that are not clearly historical in nature are forward-looking, and the words "anticipate," "believe," "estimate," "expect," "plan," "target," and similar expressions are generally intended to identify forward-looking statements. Such forward-looking statements include, but are not limited to, statements about Tiptree's plans, objectives, expectations and intentions. There are various factors that could cause actual results to differ materially from those in any such forward-looking statements, many of which are beyond Tiptree's control, including economic, business, funding market, competitive and/or regulatory factors. Factors such as these are set forth under the captions "Forward-Looking Statements" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" (or similar captions) in Tiptree's most recent Annual Report on Form 10-K and its quarterly reports on Form 10-Q, and as described in Tiptree's other filings with the Securities and Exchange Commission ("SEC"). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as to the date of this release. We cannot guarantee the accuracy of any such forward-looking statements contained in this release, and Tiptree is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE Tiptree Financial Inc.; Telos Asset Management LLC