By Cristal Cody
Tupelo, Miss., March 18 – CIFC Asset Management LLC priced an upsized $614.2 million of notes due April 20, 2027 in a collateralized loan obligation deal, according to a market source.
CIFC Funding 2015-I, Ltd./CIFC Funding 2015-I, LLC sold $340 million of class A-1 senior secured floating-rate notes at Libor plus 152 basis points; $50 million of class A-2 senior secured floating-rate notes at Libor plus 145 bps; $66 million of class B senior secured floating-rate notes at Libor plus 220 bps; $32.4 million of class C deferrable floating-rate notes at Libor plus 300 bps; $36.6 million of class D deferrable floating-rate notes at Libor plus 400 bps; $22 million of class E-1 deferrable floating-rate notes at Libor plus 500 bps; $5 million of class E-2 deferrable floating-rate notes at Libor plus 575 bps; $10.5 million of class F deferrable floating-rate notes at Libor plus 650 bps and $51.7 million of subordinated notes.
BNP Paribas Securities Corp. arranged the offering.
The transaction was upsized from $563.1 million.
CIFC Asset Management will manage the CLO, which has a two-year non-call period and a four-year reinvestment period.
The portfolio is backed primarily by broadly syndicated first-lien senior secured loans.
Proceeds from the deal will be used to purchase a portfolio of about $550 million of mainly senior secured leveraged loans.
CIFC Funding brought four CLO deals in 2014. The firm refinanced $290.3 million of notes in the CIFC Funding 2011-I, Ltd./CIFC Funding 2011-I, LLC transaction on Jan. 9.
New York City-based CIFC Asset Management is a subsidiary of CIFC Corp.
| Issuer: | CIFC Funding 2015-I, Ltd./CIFC Funding 2015-I, LLC
|
| Amount: | $614.2 million
|
| Maturity: | April 20, 2027
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | BNP Paribas Securities Corp.
|
| Manager: | CIFC Asset Management LLC
|
| Call feature: | Two years
|
| Pricing date: | Feb. 20
|
| Settlement date: | March 19
|
|
|
| Class A-1 notes
|
| Amount: | $340 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 152 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $50 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 145 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $66 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 220 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C notes
|
| Amount: | $32.4 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 300 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class D notes
|
| Amount: | $36.6 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 400 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class E-1 notes
|
| Amount: | $22 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 500 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Class E-2 notes
|
| Amount: | $5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 575 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Class F notes
|
| Amount: | $10.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 650 bps
|
| Rating: | Moody’s: B2
|
|
|
| Equity
|
| Amount: | $51.7 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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