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CIFC prices $814.63 million CLO; Europe deal refinancings steady; CSAM plans 2016 reset
By Cristal Cody
Tupelo, Miss., May 9 CIFC CLO Management II LLC priced $814.63 million of notes in the managers second new CLO transaction of the year.
CIFC CLO Management II priced $814.63 million of notes due April 20, 2031 in the CIFC Funding 2018-II, Ltd./CIFC Funding 2018-II, LLC broadly syndicated CLO transaction, according to a market source.
The CLO sold $520 million of class A-1 floating-rate notes at Libor plus 104 basis points in the senior tranche.
Citigroup Global Markets Inc. was the placement agent.
In the European CLO market, refinancings remain steady with more than 5 billion of euro-denominated CLOs repriced so far in 2018.
Credit Suisse Asset Management Ltd. plans to price 472.15 million of notes in a refinancing and reset of a vintage 2016 Cadogan Square CLO VII BV deal, according to market sources.
In the original transaction issued May 16, 2016, Cadogan Square CLO VII sold 241 million of class A senior secured floating-rate notes at Euribor plus 150 bps; 44 million of class B senior secured floating-rate notes at Euribor plus 210 bps; 28 million of class C senior secured deferrable floating-rate notes at Euribor plus 300 bps; 17.5 million of class D senior secured deferrable floating-rate notes at Euribor plus 475 bps; 27.5 million of class E senior secured deferrable floating-rate notes at Euribor plus 600 bps and 53.65 million of class M subordinated notes.
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