By Cristal Cody
Tupelo, Miss., March 17 – CIFC Asset Management LLC priced $315.58 million of notes due July 16, 2030 in a second refinancing of the CIFC Funding 2013-I, Ltd./CIFC Funding 2013-I, LLC transaction, according to market sources.
The collateralized loan obligation sold $1.88 million of class X-R floating-rate notes at Libor plus 50 basis points and $313.7 million of class A-1-R2 floating-rate notes at Libor plus 103 bps.
CIFC Asset Management will continue to manage the CLO.
The CLO has a one-year non-call period and a two-year reinvestment period.
Additional pricing terms were not immediately available.
The original CLO was issued on March 21, 2013 and first refinanced on Aug. 9. 2017.
The second refinanced notes replace class X notes that were priced at Libor plus 65 bps and class A-1-R notes that were priced at Libor plus 127 bps.
Proceeds will be used to redeem the class X and A-1-R tranches.
The CLO is collateralized primarily by broadly syndicated first-lien senior secured corporate loans.
CIFC Asset Management is a New York City-based subsidiary of CIFC Corp.
| Issuer: | CIFC Funding 2013-I, Ltd./CIFC Funding 2013-I, LLC
|
| Amount: | $315.58 million refinancing
|
| Maturity: | July 16, 2030
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Manager: | CIFC Asset Management LLC
|
| Call feature: | One year
|
| Pricing date: | March 4
|
| Settlement date: | March 20
|
|
|
| Class X-R notes
|
| Amount: | $1.88 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 50 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1-R2 notes
|
| Amount: | $313.7 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 103 bps
|
| Rating: | S&P: AAA
|
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