Calyon successfully completed the structuring and placement of Calyon America's first corporate CLO, which is going to be managed by FIG's segmented client, Highland Capital Management. The deal was one of the biggest CLOs of the summer which was characterized by some of the toughest credit conditions on record. The total size of the deal amounted to USD 700 million. The collateral was primarily composed of senior secured corporate loans, with the tranching ranging from the Aaa-rated Class A-1 to the Baa3-rated Class E, with the equity constituting 9% of the capital structure. The deal was a "plain-vanilla" CLO with a reinvestment period of 7 years, a non-call period of 3 years, and a maturity of 14 years from closing. An innovative feature built into the deal was the manager's ability to extend the length of the reinvestment period 5 years after closing if investors consented to the extension.