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Simpson Thacher recently represented a group of underwriters in connection with the initial public offering of DoubleLine Income Solutions Fund (the “Fund”). The offering raised $2.3 billion and represents one of the largest IPOs for any closed-end bond fund in the U.S.  The Fund is a newly organized, non-diversified, closed-end management investment company which trades on the New York Stock Exchange under the symbol “DSL”.  The lead underwriters in the transaction were UBS Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Citigroup Global Markets Inc., Morgan Stanley & Co. LLC and Wells Fargo Securities, LLC.

 

The Fund’s primary investment objective is to seek high current income; its secondary objective is to seek capital appreciation.  The Fund seeks to achieve its investment objectives by investing in a portfolio of investments selected for their potential to provide high current income, growth of capital, or both. DoubleLine Capital LP is the Fund’s adviser.

 

The Simpson Thacher team for the transaction included: Sarah Cogan, Rafael Vasquez and Randy Benjenk (Capital Markets); Jonathan Cantor and Devin Heckman (Tax); and Jennie Getsin (FINRA).