By Cristal Cody
Tupelo, Miss., Sept. 11 - CIFC Asset Management LLC raised $418 million in the CIFC Funding 2013-III, Ltd./CIFC Funding 2013-III LLC collateralized loan obligation offering that is set to close on Thursday, according to market sources.
The CLO priced $119 million of class A-1A senior secured floating-rate notes (/AAA/) at Libor plus 133 basis points and $125 million of class A-1B senior secured floating-rate notes (/AAA/) at Libor plus 110 bps, which step up to Libor plus 160 bps in April 2015 and Libor plus 185 bps in April 2016.
CIFC Funding 2013-III also priced $21 million of class A-2A senior secured floating-rate notes (/AA/) at Libor plus 185 bps; $33 million of 4.051% class A-2B senior secured fixed-rate notes (/AA/); $30 million of class B deferrable floating-rate notes (/A/) at Libor plus 265 bps; $23 million of class C deferrable floating-rate notes (/BBB/) at Libor plus 325 bps; $18 million of class D deferrable floating-rate notes (/BB/) at Libor plus 475 bps; and $49 million of subordinated notes.
Citigroup Global Markets Inc. was the placement agent.
CIFC Asset Management, a subsidiary of New York-based CIFC Corp., is the CLO manager.
The notes are due Oct. 24, 2025.
The CLO has a non-callable period that ends Oct. 24, 2015 and a reinvestment period that ends Oct. 24, 2017.
The offering is backed by a revolving pool of primarily broadly syndicated senior secured corporate loans.
The CLO is the third transaction the asset manager has brought in 2013. CIFC Asset Management priced the $516.6 million CIFC Funding 2013-I, Ltd. deal in March and the $649.65 million CIFC Funding 2013-II, Ltd. offering in May.
| Issuer: | CIFC Funding 2013-III, Ltd./CIFC Funding 2013-III LLC
|
| Amount: | $418 million
|
| Maturity: | Oct. 24, 2025
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash-flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | CIFC Asset Management LLC
|
| Call feature: | Oct. 24, 2015
|
| Settlement date: | Sept. 12
|
|
|
| Class A-1A notes
|
| Amount: | $119 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 133 bps
|
| Rating: | Standard & Poor's: AAA
|
|
|
| Class A-1B notes
|
| Amount: | $125 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 110 bps; steps up to 160 bps in April 2015 and 185 bps in April 2016
|
| Rating: | Standard & Poor's: AAA
|
|
|
| Class A-2A notes
|
| Amount: | $21 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 185 bps
|
| Rating: | Standard & Poor's: AA
|
|
|
| Class A-2B notes
|
| Amount: | $21 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 4.051%
|
| Rating: | Standard & Poor's: AA
|
|
|
| Class B notes
|
| Amount: | $30 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 265 bps
|
| Rating: | Standard & Poor's: A
|
|
|
| Class C notes
|
| Amount: | $23 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 325 bps
|
| Rating: | Standard & Poor's: BBB
|
|
|
| Class D notes
|
| Amount: | $18 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 475 bps
|
| Rating: | Standard & Poor's: BB
|
|
|
| Equity tranche
|
| Amount: | $49 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
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