CIFC Funding prepares $563.1 million seven-tranche CLO offering

By Cristal Cody

Tupelo, Miss., Feb. 13 – CIFC Asset Management LLC plans to price $563,125,000 of notes due 2027 in a collateralized loan obligation transaction, according to a market source.

The CIFC Funding 2015-I, Ltd./CIFC Funding 2015-I, LLC deal includes $357.5 million of class A floating-rate notes (//AAA); $60.5 million of class B floating-rate notes; $29.7 million of class C floating-rate notes; $33.55 million of class D floating-rate notes; $24.75 million of class E floating-rate notes; $9,625,0000 of class F floating-rate notes and $47.5 million of subordinated notes.

BNP Paribas Securities Corp. is the placement agent.

CIFC Asset Management will manage the CLO, which has a 1.5-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 refinanced $290.3 million of notes in the CIFC Funding 2011-I, Ltd./CIFC Funding 2011-I, LLC vehicle on Jan. 9.

The New York City-based asset management firm is a subsidiary of CIFC Corp.

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