By Cristal Cody
Tupelo, Miss., Feb. 14 – CIFC Asset Management LLC refinanced $656 million of notes due May 24, 2026 in the CIFC Funding 2014-II Ltd. collateralized loan obligation transaction, according to a market source.
CIFC Funding 2014-2 priced $504 million of class A-1L-R floating-rate notes at par to yield Libor plus 120 basis points; $73.2 million of class A-2L-R floating-rate notes at par to yield Libor plus 155 bps; $10 million of class A-2F-R fixed-rate notes at par to yield 3.42% and $68.8 million of class A-3L-R floating-rate notes at Libor plus 225 bps.
Citigroup Global Markets Inc. arranged the deal.
CIFC Asset Management is the CLO manager.
The CLO, collateralized mainly by senior secured loans, has a two-year non-call period and a four-year reinvestment period.
Proceeds will be used to redeem the original notes.
CIFC Asset Management is a New York-based credit manager.
Issuer: | CIFC Funding 2014-II Ltd.
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Amount: | $656 million refinancing
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Maturity: | May 24, 2026
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Securities: | Fixed- and floating-rate notes
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Structure: | Cash flow CLO
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Refinancing agent: | Citigroup Global Markets Inc.
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Manager: | CIFC Asset Management LLC
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Pricing date: | Feb. 8
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Settlement date: | Feb. 24
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Class A-1L-R notes
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Amount: | $504 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 120 bps
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Price: | Par
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Yield: | Libor plus 120 bps
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Ratings: | Moody’s: Aaa expected
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| S&P: AAA
|
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Class A-2L-R notes
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Amount: | $73.2 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 155 bps
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Price: | Par
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Yield: | Libor plus 155 bps
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Rating: | Moody’s: Aa2 expected
|
|
Class A-2F-R notes
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Amount: | $10 million
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Securities: | Fixed-rate notes
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Coupon: | 3.42%
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Price: | Par
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Yield: | 3.42%
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Rating: | Moody’s: Aa2 expected
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|
Class A-3L-R notes
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Amount: | $68.8 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 225 bps
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Rating: | Moody’s: A2 expected
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