Chicago, April 8 – CIFC Asset Management LLC sold $507 million in a collateralized loan obligation issued by CIFC Funding 2024-I, Ltd., according to a presale report.
The notes will mature on April 18, 2037.
The CLO consists of $128 million of class A senior secured floating-rate notes at SOFR plus 150 basis points, $192 million of class A-L senior secured floating-rate loans at SOFR plus 150 bps, $60 million of class B senior secured floating-rate notes at SOFR plus 210 bps, $30 million of class C mezzanine secured deferrable floating-rate notes at SOFR plus 250 bps, $30 million of class D mezzanine secured deferrable floating-rate notes at SOFR plus 370 bps, $20 million of class E junior secured deferrable floating-rate notes at SOFR plus 660 bps and $47 million of subordinated notes.
Virtus Group, LP will manage the collateral through the end of the reinvestment period on April 18, 2029.
Collateral for the notes consists of first-lien senior secured leveraged loans.
The notes can be called starting April 18, 2026.
Barclays was the placement agent.
The investment adviser is based in New York.
| Issuer: | CIFC Funding 2024-I, Ltd.
|
| Issue: | Floating-rate notes, floating-rate loans and subordinated notes
|
| Amount: | $507 million
|
| Maturity: | April 18, 2037
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays
|
| Manager: | CIFC Asset Management LLC
|
| Call feature: | April 18, 2026
|
| Pricing date: | April 1
|
| Settlement date: | April 4
|
|
|
| Class A notes
|
| Amount: | $128 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 150 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A-L notes
|
| Amount: | $192 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 150 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class B notes
|
| Amount: | $60 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 210 bps
|
| Rating: | Fitch: AA
|
|
|
| Class C notes
|
| Amount: | $30 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 250 bps
|
| Rating: | Fitch: A
|
|
|
| Class D notes
|
| Amount: | $30 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 370 bps
|
| Rating: | Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | $20 million
|
| Securities: | Junior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 660 bps
|
| Rating: | Fitch: BB-
|
|
|
| Subordinated notes
|
| Amount: | $47 million
|
| Securities: | Subordinated notes
|
|
|
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