By Cristal Cody
Tupelo, Miss., Oct. 23 – CIFC Asset Management LLC priced $498.3 million of notes due Oct. 20, 2031 in the manager’s third broadly syndicated collateralized loan obligation deal this year, according to market sources.
CIFC Funding 2020-III, Ltd./CIFC Funding 2020-III, LLC sold $300 million of class A-1 floating-rate notes at Libor plus 135 basis points, $15 million of class A-2 floating-rate notes at Libor plus 160 bps and $65 million of class B floating-rate notes at Libor plus 170 bps.
CIFC also priced $30 million of class C deferrable floating-rate notes at Libor plus 240 bps, $30 million of class D deferrable floating-rate notes at Libor plus 390 bps, $15 million of class E deferrable floating-rate notes at Libor plus 735 bps and $43.3 million of subordinated notes.
Citigroup Global Markets Inc. was the placement agent.
The CLO has a one-year non-call period and a three-year reinvestment period.
The offering is backed primarily by broadly syndicated first-lien senior secured loans.
CIFC has priced three new CLOs year to date. The firm brought six new CLOs to the market in 2019.
The investment adviser is based in New York.
| Issuer: | CIFC Funding 2020-III, Ltd./CIFC Funding 2020-III, LLC
|
| Amount: | $498.3 million
|
| Maturity: | Oct. 20, 2031
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | CIFC Asset Management LLC
|
| Call feature: | One year
|
| Settlement date: | Oct. 23
|
|
|
| Class A-1 notes
|
| Amount: | $300 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 135 bps
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $15 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Ratings: | S&P: Non-rated
|
| Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $65 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Ratings: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $30 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 240 bps
|
| Ratings: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $30 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 390 bps
|
| Ratings: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $15 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 735 bps
|
| Ratings: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $43.3 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
|
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