By Cristal Cody
Tupelo, Miss., May 5 – CIFC Asset Management LLC priced $513.4 million of notes due April 15, 2027 in the CIFC Funding 2015-II, Ltd./CIFC Funding 2015-II, LLC collateralized loan obligation transaction, according to a market source.
The CLO sold $325 million of class A senior secured floating-rate notes at Libor plus 145 basis points; $55 million of class B senior secured floating-rate notes at Libor plus 210 bps; $26.7 million of class C mezzanine secured deferrable floating-rate notes at Libor plus 300 bps; $30.3 million of class D mezzanine secured deferrable floating-rate notes at Libor plus 365 bps; $23 million of class E junior secured deferrable floating-rate notes at Libor plus 550 bps and $53.4 million of subordinated notes.
Barclays was the placement agent.
CIFC Asset Management will manage the CLO.
The CLO is non-callable until Oct. 15, 2016. The reinvestment period ends April 15, 2019.
The transaction is collateralized primarily by broadly syndicated first-lien senior secured corporate loans.
Proceeds from the offering will be used to purchase a portfolio of about $500 million of mainly senior secured leveraged loans.
CIFC Asset Management has priced two CLOs and refinanced a vintage 2011 CLO this year to date.
The firm, a New York City-based subsidiary of CIFC Corp., brought four CLO transactions in 2014.
| Issuer: | CIFC Funding 2015-II, Ltd./CIFC Funding 2015-II, LLC
|
| Amount: | $513.4 million
|
| Maturity: | April 15, 2027
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays`
|
| Manager: | CIFC Asset Management LLC
|
| Call feature: | Oct. 15, 2016
|
| Pricing date: | April 22
|
| Settlement date: | May 30
|
| Distribution: | Rule 144A
|
|
|
| Class A notes
|
| Amount: | $325 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 145 bps
|
| Price: | 99.75
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $55 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 210 bps
|
| Price: | Par
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C notes
|
| Amount: | $26.7 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 300 bps
|
| Price: | Par
|
| Rating: | Moody’s: A2
|
|
|
| Class D notes
|
| Amount: | $30.3 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 365 bps
|
| Price: | 96.04
|
| Rating: | Moody’s: Baa3
|
|
|
| Class E notes
|
| Amount: | $23 million
|
| Securities: | Junior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 550 bps
|
| Price: | 92.11
|
| Ratings: | Moody’s: Ba3
|
|
|
| Equity
|
| Amount: | $53.4 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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