By Cristal Cody
Tupelo, Miss., June 17 – CIFC Asset Management LLC brought an upsized $723.15 million collateralized loan obligation deal, according to a market source.
CIFC Funding 2014-III Ltd./CIFC Funding 2014-III LLC priced $437.5 million of class A senior secured floating-rate notes (Aaa/AAA/) at Libor plus 149 basis points.
The CLO also sold $43.5 million of class B-1 senior secured floating-rate notes (Aa2//) at Libor plus 200 bps; $25 million of 4.21% class B-2 senior secured fixed-rate notes (Aa2//); $55 million of class C-1 deferrable floating-rate notes (A2//) at Libor plus 280 bps; $10 million of 5.43% class C-2 deferrable fixed-rate notes (A2//); $42 million of class D deferrable floating-rate notes (Baa3//) at Libor plus 340 bps; $32 million of class E deferrable floating-rate notes (Ba3//) at Libor plus 475 bps and $78.15 million of subordinated notes.
The deal was upsized from $621.22 million.
BNP Paribas Securities Corp. was the placement agent.
CIFC Asset Management will manage the CLO, which is collateralized primarily by first-lien senior secured corporate loans.
The notes are due July 15, 2026.
The CLO is non-callable until July 15, 2016. The reinvestment period ends July 15, 2018.
CIFC Asset Management was in the primary market earlier in the year with the $623 million CIFC Funding 2014 Ltd./CIFC Funding 2014 LLC transaction in February and the $828.59 million CIFC Funding 2014-II Ltd./CIFC Funding 2014-II LLC deal in April.
The New York City-based investment adviser is a subsidiary of CIFC Corp.
| Issuer: | CIFC Funding 2014-III Ltd./CIFC Funding 2014-III LLC
|
| Amount: | $723.15 million
|
| Maturity: | July 15, 2026
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | BNP Paribas Securities Corp.
|
| Manager: | CIFC Asset Management LLC
|
| Call feature: | Not until July 15, 2016
|
| Pricing date: | June 12
|
| Settlement date: | July 15
|
|
|
| Class A notes
|
| Amount: | $437.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 149 bps
|
| Ratings: | Moody’s: Aaa
|
| Standard & Poor’s: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $43.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Ratings: | Moody’s: Aa2
|
|
|
| Class B-2 notes
|
| Amount: | $25 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 4.21%
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C-1 notes
|
| Amount: | $55 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 280 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class C-2 notes
|
| Amount: | $10 million
|
| Securities: | Deferrable fixed-rate notes
|
| Coupon: | 5.43%
|
| Rating: | Moody’s: A2
|
|
|
| Class D notes
|
| Amount: | $42 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 340 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class E notes
|
| Amount: | $32 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 475 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Equity tranche
|
| Amount: | $78.15 million
|
| Securities: | Subordinated notes
|
| Rating: | Non-rated
|
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