NEW YORK, April 26 DoubleLine Capital LP, the
investment firm run by star bond manager Jeffrey Gundlach, said
on Friday that it had completed an initial public offering for
the closed-end DoubleLine Income Solutions Fund.
The fund, which Gundlach and portfolio managers Bonnie Baha
and Luz Padilla will manage, raised $2.3 billion from the
offering of 92 million common shares at $25 each. The fund
trades on the New York Stock Exchange.
The managers plan to invest at least 80 percent of the
fund's assets in debt securities and other fixed-income assets
around the world, including in emerging markets, and may seek
mortgage-backed securities of any kind or an unlimited amount of
high-yield "junk" bonds.
The fund may also use leverage - or borrowed money -
amounting to slightly more than 33 percent of its assets. It is
the second closed-end fixed-income fund from DoubleLine after
the DoubleLine Opportunistic Credit Fund, which raised
$326 million from its offering in January 2012.
UBS Investment Bank, BofA Merrill Lynch,
Citigroup, Morgan Stanley and Wells Fargo
Securities were the lead underwriters of the fund's
DoubleLine Capital LP is based in Los Angeles and has $59
billion in assets.