Source : investing, Thursday, 2024/7/18
In a recent deal, Corebridge Financial, Inc. Significantly increased its holdings in the Cliffwater Corporate Lending Fund (NASDAQ:CCLFX), buying a different series of premium collateralized bonds worth over $24 million.
The series of transactions took place on July 15, 2024, and included the acquisition of premium secured bonds with different interest rates and maturity dates. Bonds purchased include Series B Supreme Secured Bonds at 5.44% of Class B High Secured Bonds due in 2025, Class C High Secured Bonds at 5.50% of Class C High Secured Bonds due in 2026, Class E Superior Secured Bonds at 5.61% of the Superior Guaranteed Bonds due in 2027, Class K Super-Secured Bonds at 7.10% of the Supreme Secured Bonds due in 2027, and Superior Secured Bonds of the Class K with 6.75% due in 2026.
According to the SEC filing, the largest single acquisition of the Series 1 Supreme Secured Bonds was 7.10% of the Class 1 Highest Secured Bonds due in 2027, with which Corebridge Financial exchanged a range of other securities and cash valued at $7,558,187.83, resulting in the acquisition of an underlying amount of $60,000,000,000.00 after the transaction. Similarly, significant bond purchases were made of the E-Series at 5.61% and 5.50% of the C Series, with estimated swap values of US$ 5,228,936.49 and US$ 4,190,469.36 respectively.
These bonds are held by several Corebridge Financial subsidiaries, including the American General Life Insurance Company (AGLIC) and the United States Life Insurance Company of New York City (USL), among others. These transactions have been managed by Corebridge Institutional Investments (United States), LLC, another subsidiary of Corebridge Financial.
The strategic acquisition of these bonds by Corebridge Financial demonstrates the company’s active management of its investment portfolio and its commitment to securing attractive fixed-income securities. Investors in Corebridge Financial and the Cliffwater Corporate Lending Fund may view these transactions as a sign of Corebridge Financial’s confidence. in the long-term value of these securities.
The filing with the U.S. Securities and Exchange Commission was signed by Christine Nixon, an authorized signatory of Corebridge Financial, and filed under Section 30(h) of the Investment Companies Act of 1940.
This article was translated with the help of an artificial intelligence program after an editor’s review. For more details please refer to Banha Terms and Conditions
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