By Cristal Cody
Tupelo, Miss., May 8 – CIFC CLO Management II LLC priced $605.4 million of notes due July 16, 2032 in the CIFC Funding 2019-III, Ltd. broadly syndicated CLO offering, according to a market source.
The CLO sold $372 million of class A-1A floating-rate notes at Libor plus 137 basis points; $18 million of class A-1B floating-rate notes at Libor plus 170 bps; $28.2 million of class B floating-rate notes at Libor plus 265 bps; $35.4 million of class C floating-rate notes at Libor plus 370 bps; $34.2 million of class D floating-rate notes at Libor plus 680 bps and $53.4 million of subordinated notes.
Citigroup Global Markets Inc. was the placement agent.
The CLO has a two-year non-call period and a five-year reinvestment period.
The deal is backed primarily by broadly syndicated first-lien senior secured loans.
The New York City-based investment adviser is an affiliate of CIFC Asset Management LLC.
| Issuer: | CIFC Funding 2019-III, Ltd.
|
| Amount: | $605.4 million
|
| Maturity: | July 16, 2032
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | CIFC CLO Management II LLC
|
| Call feature: | Two years
|
| Pricing date: | April 18
|
| Settlement date: | May 30
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class A-1A notes
|
| Amount: | $372 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 137 bps
|
| Ratings: | Moody’s: Aaa expected
|
| Fitch: AAA
|
|
|
| Class A-1B notes
|
| Amount: | $18 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Ratings: | Moody’s: Non-rated
|
| Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $64.2 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 185 bps
|
| Rating: | Moody’s: Aa2 expected
|
|
|
| Class B notes
|
| Amount: | $28.2 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 265 bps
|
| Rating: | Moody’s: A2 expected
|
|
|
| Class C notes
|
| Amount: | $35.4 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 370 bps
|
| Rating: | Moody’s: Baa3 expected
|
|
|
| Class D notes
|
| Amount: | $34.2 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 680 bps
|
| Rating: | Moody’s: Ba3 expected
|
|
|
| Equity
|
| Amount: | $53.4 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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