Chicago, March 10 – CIFC Asset Management LLC sold $510.15 million in a collateralized loan obligation being issued by CIFC Funding 2022-I Ltd./CIFC Funding 2022-I LLC, according to a press release.
The notes will mature on April 17, 2035.
The CLO consists of $320 million of class A floating-rate notes at SOFR plus 132 basis points, $60 million of class B floating-rate notes at SOFR plus 180 bps, $27.5 million of class C deferrable floating-rate notes at SOFR plus 210 bps, $31.75 million of class D deferrable floating-rate notes at SOFR plus 305 bps, $20.75 million of class E deferrable floating-rate notes at SOFR plus 640 bps and $50.15 million of subordinated notes.
CIFC Asset Management LLC will manage the collateral through the end of the reinvestment period on April 17, 2027.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting March 10, 2024.
Barclays was the placement agent.
The investment adviser is based in New York.
| Issuer: | CIFC Funding 2022-I Ltd./CIFC Funding 2022-I LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $510.15 million
|
| Maturity: | April 17, 2035
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays
|
| Manager: | CIFC Asset Management LLC
|
| Call feature: | March 10, 2024
|
| Settlement date: | March 10
|
|
|
| Class A notes
|
| Amount: | $320 million
|
| Securities: | Floating-rate notes
|
| Coupon: | SOFR plus 132 bps
|
|
|
| Class B notes
|
| Amount: | $60 million
|
| Securities: | Floating-rate notes
|
| Coupon: | SOFR plus 180 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $27.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | SOFR plus 210 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $31.75 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | SOFR plus 305 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $20.75 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | SOFR plus 640 bps
|
|
|
| Subordinated notes
|
| Amount: | $50.15 million
|
| Securities: | Subordinated notes
|
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