Babson Capital Management LLC has completed its initial public offering for the Babson Capital Global Short Duration High Yield Fund with $462.5 million.

The fund will invest in short-duration high-yield bonds.

Boston-based Babson’s high-yield investments group manages more than $28 billion in client assets.

Bank of America Merrill Lynch and Wells Fargo Securities served as lead managers of the common share underwriting syndicate.

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