Newcastle Investment Corp., New York, has priced a $450 million collateralized debt obligation in an offering by related entities.Newcastle, an investor in real-estate-related assets, said it is selling $414 million of investment-grade-rated debt in the offering. The CDO is made up of about 63% commercial mortgage-backed securities, about 17% senior unsecured debt of real estate investment trusts, and about 20% real-estate-related asset-backed securities, Newcastle said. Newcastle has acquired about 80% of the assets that will make up the portfolio. The fully invested portfolio is expected to have a weighted average credit rating of BBB-minus.
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