By Cady Vishniac
Detroit, Jan. 13 – CIFC Asset Management LLC has priced a new €368.75 million broadly syndicated CLO offering, according to market sources.
CIFC European Funding CLO III DAC sold €217 million of class A senior secured floating-rate notes at Euribor plus 105 basis points, €15 million of class B-1 senior secured floating-rate notes at Euribor plus 150 bps and €20 million of class B-2 2% senior secured fixed-rate notes.
CIFC European Funding CLO III also priced €21.9 million of class C senior secured deferrable floating-rate notes at Euribor plus 250 bps, €22.7 million of class D senior secured deferrable floating-rate notes at Euribor plus 360 bps, €18.4 million of class E senior secured deferrable floating-rate notes at Euribor plus 561 bps and €8.8 million of class F senior secured deferrable floating-rate notes at Euribor plus 766 bps.
The offering also included €15 million of class Y residual notes and €29.95 million of subordinated notes.
Barclays was the placement agent.
CIFC Asset Management Europe Ltd. will manage the CLO.
The notes are due Jan. 16, 2034.
The offering is backed primarily by euro-denominated broadly syndicated senior secured obligations.
CIFC Asset Management is an investment adviser based in New York.
| Issuer: | CIFC European Funding CLO III DAC
|
| Amount: | €368.75 million
|
| Maturity: | Jan. 16, 2034
|
| Securities: | Fixed-rate, floating-rate, residual and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays
|
| Manager: | CIFC Asset Management Europe Ltd.
|
| Settlement date: | Jan. 21
|
| Distribution: | Regulation S and Rule 144A
|
|
|
| Class A notes
|
| Amount: | €217 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 105 bps
|
| Ratings: | Moody’s: Aaa
|
|
|
| Class B-1 notes
|
| Amount: | €15 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 150 bps
|
| Ratings: | Moody’s: Aa2
|
|
|
| Class B-2 notes
|
| Amount: | €20 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2%
|
| Ratings: | Moody’s: Aa2
|
|
|
| Class C notes
|
| Amount: | €21.9 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 250 bps
|
| Ratings: | Moody’s: A2
|
|
|
| Class D notes
|
| Amount: | €22.7 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 360 bps
|
| Ratings: | Moody’s: Baa3
|
|
|
| Class E notes
|
| Amount: | €18.4 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 561 bps
|
| Ratings: | Moody’s: Ba2
|
|
|
| Class F notes
|
| Amount: | €8.8 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 766 bps
|
| Ratings: | Moody’s: B2
|
|
|
| Class Y notes
|
| Amount: | €15 million
|
| Securities: | Residual notes
|
| Ratings: | Non-rated
|
|
|
| Equity
|
| Amount: | €29.9 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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