CIFC Asset Management markets $626.5 million CIFC Funding 2014-IV CLO

By Cristal Cody

Tupelo, Miss., Aug. 1 – CIFC Asset Management LLC intends to price $626.5 million of notes due Oct. 19, 2026 in a collateralized loan obligation deal, according to a market source on Friday.

The offering from CIFC Funding 2014-IV, Ltd./CIFC Funding 2014-IV, LLC includes $4 million of class X senior secured floating-rate notes (Aaa//AAA); $378 million of class A senior secured floating-rate notes (Aaa/AAA/); $81 million of class B senior secured floating-rate notes (Aa2); $29 million of class C deferrable floating-rate notes (A2); $34.5 million of class D deferrable floating-rate notes (Baa3); $29.5 million of class E deferrable floating-rate notes (Ba3); $12 million of class F deferrable floating-rate notes (B2) and $58.5 million of subordinated notes.

Morgan Stanley & Co. LLC is the placement agent.

CIFC Asset Management will manage the CLO.

The CLO will have a two-year non-call period and a four-year reinvestment period.

The portfolio is backed primarily by first-lien senior secured loans and eligible investments.

Proceeds from the deal will be used to purchase a portfolio of about $600 million of mainly senior secured leveraged loans.

CIFC Asset Management was last in the primary market on June 12 with the upsized $723.15 million CIFC Funding 2014-III Ltd./CIFC Funding 2014-III LLC deal.

The New York City-based investment adviser, a subsidiary of CIFC Corp., has priced three CLO transactions in 2014.

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