Chicago, April 19 – CIFC Asset Management LLC priced $402.75 million in a collateralized loan obligation being issued by CIFC Funding 2022-III Ltd./CIFC Funding 2022-III LLC, according to a pre-sale notice.
The notes will mature on April 21, 2035.
The CLO consists of $215 million of class A senior secured floating-rate notes at SOFR plus 141 basis points, $41 million of class A-L senior secured floating-rate loans at SOFR plus 141 bps, $48 million of class B senior secured floating-rate notes at SOFR plus 200 bps, $24 million of class C senior secured deferrable floating-rate notes at SOFR plus 250 bps, $24 million of class D senior secured deferrable floating-rate notes at SOFR plus 375 bps, $16 million of class E senior secured deferrable floating-rate notes at SOFR plus 727 bps and $34.75 million of subordinated notes.
CIFC Asset Management LLC will manage the collateral through the end of the reinvestment period on April 21, 2027.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting April 21, 2024.
Barclays was the placement agent.
The investment adviser is based in New York.
| Issuer: | CIFC Funding 2022-III Ltd./CIFC Funding 2022-III LLC
|
| Issue: | Floating-rate notes, floating-rate loans and subordinated notes
|
| Amount: | $402.75 million
|
| Maturity: | April 21, 2035
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays
|
| Manager: | CIFC Asset Management LLC
|
| Call feature: | April 21, 2024
|
| Settlement date: | May 17
|
|
|
| Class A notes
|
| Amount: | $215 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 141 bps
|
|
|
| Class A-L loans
|
| Amount: | $41 million
|
| Securities: | Senior secured floating-rate loans
|
| Coupon: | SOFR plus 141 bps
|
|
|
| Class B notes
|
| Amount: | $48 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 200 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
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| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 250 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
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| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 375 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
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| Amount: | $16 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 727 bps
|
|
|
| Subordinated notes
|
| Amount: | $34.75 million
|
| Securities: | Subordinated notes
|
|
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