Chicago, Aug. 23 – CIFC Asset Management LLC sold $508.3 million in a collateralized loan obligation issued by CIFC Funding 2021-V Ltd./CIFC Funding 2021-V LLC, according to a pre-sale report.
The notes will mature on July 15, 2034.
The CLO consists of $300 million of class A senior secured floating-rate notes at Libor plus 114 basis points, $80 million of class B senior secured floating-rate notes at Libor plus 165 bps, $30 million of class C senior secured deferrable floating-rate notes at Libor plus 205 bps, $30 million of class D senior secured deferrable floating-rate notes at Libor plus 325 bps, $20 million of class E senior secured deferrable floating-rate notes at Libor plus 650 bps and $48.3 million of subordinated notes..
CIFC Asset Management LLC will manage the collateral through the end of the reinvestment period on July 25, 2026.
The notes can be called starting July 15, 2023.
BofA Securities Inc. was the placement agent.
The investment adviser is based in New York.
| Issuers: | CIFC Funding 2021-V Ltd./CIFC Funding 2021-V LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $508.3 million
|
| Maturity: | July 15, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | BofA Securities Inc.
|
| Manager: | CIFC Asset Management LLC
|
| Call feature: | July 15, 2023
|
| Settlement date: | July 29
|
| Reinvestment period: | July 25, 2026
|
|
|
| Class A notes
|
| Amount: | $300 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 114 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $80 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 205 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 325 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $20 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 650 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $48.3 million
|
| Securities: | Subordinated notes
|
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