Primus Completes Sale of CypressTree to CIFC
02 Dicembre 2010 - 2:38AM
Business Wire
Primus Guaranty, Ltd. (NYSE:PRS) today announced it has
completed the sale of CypressTree Investment Management, LLC
(CypressTree), its third-party asset management subsidiary, to
Commercial Industrial Finance Corp. (CIFC). Terms of the
transaction were not disclosed.
“The completion of this transaction enables us to further
sharpen our focus on our key goal: preserving the value of our
credit protection business in amortization,” said Richard Claiden,
Primus Guaranty’s chief executive officer. “At the same time, it
ensures our CLO investors will continue to be well served by the
top-notch professionals at CIFC.”
Peter Gleysteen, CIFC’s chief executive officer, stated,
“Effective immediately, CypressTree’s activities will be
operationally integrated within CIFC’s existing investment model,
which we believe will benefit all investors in these funds. CIFC
has implemented a plan to ensure a smooth, seamless transition of
the management of the CLOs and other funds and their underlying
investments into CIFC’s platform.”
CypressTree manages or subadvises approximately $2.6 billion of
high yield and leveraged loan assets in seven collateralized loan
obligations (CLOs) and two other funds. The collateral management
contracts for the CLOs, as well as the two other funds, were
included in the sale.
Primus Guaranty’s credit protection business, which consists of
Primus Financial Products’ $11.8 billion portfolio of credit
default swaps, is not affected by the sale. Primus Financial
Products will remain part of Primus Guaranty and will continue to
be managed by Primus Financial portfolio managers.
Berkshire Capital Securities LLC acted as advisor to Primus on
the sale of the CLO business.
CLO Investor Questions
Investors in the Hewett’s Island and Primus CLOs with questions
are encouraged to contact Ms. Nga Tran, CIFC’s Head of
Institutional Relationships, at 212/624-1204 or ntran@cifc.com.
About Primus Guaranty
Primus Guaranty, Ltd. is a Bermuda company with offices in New
York. Through its subsidiary, Primus Financial Products, LLC, the
Company provides protection against the risk of default on
primarily investment grade corporate and sovereign reference
entities.
About CIFC
CIFC is a premier corporate credit asset management business,
combining the best investment disciplines of banks and asset
managers. Pro forma for this acquisition, CIFC will manage $6.2
billion of assets. CIFC is a proactive, fundamentals-based manager
with best-in-class processes and controls, high transparency to
investors and a proprietary credit technology platform. CIFC is
based in New York and is an SEC registered investment adviser.
CIFC is in the top decile of U.S. large bank loan managers by
virtue of its highly consistent performance and uninterrupted
compliance with the overcollateralization tests in all of its
funds, which has enabled it to make distributions to equity
investors at every payment date of every fund. CIFC is committed to
responsible and even-handed stewardship on behalf of all investor
classes of the funds it manages.
Forward-Looking Statements
Some of the statements included in this press release and other
statements Primus Guaranty may make, particularly those
anticipating future financial performance, business prospects,
growth and operating strategies, market performance, valuations and
similar matters, are forward-looking statements that involve a
number of assumptions, risks and uncertainties, which change over
time. Any such statements speak only as of the date they are made,
and Primus Guaranty assumes no duty to, and does not undertake to,
update any forward-looking statements. Actual results could differ
materially from those anticipated in forward-looking statements,
and future results could differ materially from historical
performance. For a discussion of the factors that could affect the
Company's actual results please refer to the risk factors
identified from time to time in the Company's SEC reports,
including, but not limited to, Primus Guaranty's Annual Report on
Form 10-K, as filed with the U.S. Securities and Exchange
Commission.
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