Case Study

The power of Read-Find-Compare - A manager case-study

Navigating the complex world of CLOs requires the ability to swiftly analyze intricate legal documents and make well-informed decisions. Our case study illustrates how Samantha Eris, a seasoned CLO manager and head of Capital Markets at R-F-C Capital, successfully streamlined her work routine with the help of Semeris Docs.

With over a decade of experience in the CLO market, Samantha faced the challenge of managing a new $500 million CLO transaction. This particular transaction involved negotiating stipulations among multiple parties and dealing with intricate, sometimes conflicting requests within a tight deadline in fast-moving markets.

Before using Semeris Docs, Samantha would have spent long hours manually comparing multiple versions of documents, conducting labor-intensive searches for terms and clauses, and managing the risk of overlooking critical details. However, she sought a more efficient and smarter approach to her work when she decided to subscribe to the Semeris Docs platform.

The power of Read-Find-Compare

After assembling the necessary documents for the transaction, Sam meticulously crafted a comprehensive Checklist to ensure that all vital stipulated document data points and language were organized in one place. Her checklists, complete with source documents and references displayed, allowed for swift extraction and presentation of essential information to facilitate efficient decision-making. By enabling the checklist to run on any document or blacklined document, the versatile Semeris platform served as a reliable foundation for comparing answers and assessing the compliance of an investor’s ask with market standards.

By utilizing Smart Blacklines (SB), Sam could instantly identify discrepancies between document versions, her own or those of other managers, without needing access to the original Word documents or the need for conversion. This feature proved crucial in monitoring changes proposed by legal counsel and investors, enabling Sam to respond promptly and accurately during negotiations.

Sam also optimized communication by employing Clippings to send targeted highlighted document excerpts in Microsoft Word to ensure everyone involved was aligned regarding document modifications.

Furthermore, the integration of SB with other Semeris platform components allowed Sam to perform various comparisons, such as datapoints and defined terms, after blacklining the document.

Supercharging Sam’s workflow

Sam benefited from Semeris’ Term Explorer feature, which was instrumental in identifying and understanding novel terms used in recent CLO issuances. By capitalizing on this knowledge, Sam was able to exploit new terms aligned with current market trends and investor expectations. The Term Explorer enabled her to explore and optimize language variants in newly defined terms.

As her confidence in using Semeris Docs and her curiosity to leverage it to its full capacity continued to grow, she realized that the Datapoints Viewer allowed her to swiftly pinpoint essential terms and clauses related to the new issue under discussion.

In addition, Sam leveraged the Excel Add-In to perform complex calculations directly from the data extracted from the documents. This ensured accuracy in structuring the CLO and empowered her to make immediate modifications in response to changing discussions.

Eager to explore further, Sam utilized the innovative HTML Reader equipped with XRAY functionality to gain a comprehensive understanding of the complex legal language present in CLO documents. This advanced tool allowed her to gain valuable insights into the subtle nuances of the language, providing a detailed comprehension of how it could impact the deal structure and investor enthusiasm. The HTML Reader also reformatted paragraphs to enhance readability and comprehension, moving beyond visual representations of key numbers and dates.

Sam used Semeris Notes throughout the transaction to document key communications, negotiation insights, and decision-making rationales for internal use. This collective information not only facilitated immediate teamwork and proved a valuable educational resource for junior team members but also formed the basis for a powerful institutional knowledge bank that will be an invaluable starting point for future negotiations.


The successful close of the $500 million CLO issue, with a fair mix of terms and a low-stress manageable stip process, underscored the effectiveness of Semeris Docs in transforming CLO transaction management. Sam’s ability to navigate the complexities of the deal with enhanced speed and accuracy and the strategic insight she gained using Semeris Docs showcased the platform's value as not just a tool but a real advantage in the competitive CLO landscape. Semeris Docs is a Game-Changer for even the most experienced CLO Managers.