Chicago, Oct. 1 – CIFC Asset Management LLC refinanced for $450.9 million the collateralized loan obligation issued by CIFC Funding 2020-II Ltd./CIFC Funding 2020-II LLC, according to a pre-sale report.
The notes, extended, will mature on Oct. 20, 2034.
The CLO now consists of $279 million of class A-R floating-rate notes at Libor plus 117 basis points, $63 million of class B-R floating-rate notes at Libor plus 160 bps, $27 million of class C-R floating-rate notes at Libor plus 205 bps, $27 million of class D-R floating-rate notes at Libor plus 305 bps, $17.7 million of class E-R floating-rate notes at Libor plus 650 bps and $37.2 million of subordinated notes.
The CLO originally sold $262 million of class A-1 floating-rate notes at Libor plus 165 bps, $21.5 million of class A-2 floating-rate notes at Libor plus 190 bps and $55 million of class B floating-rate notes at Libor plus 220 bps.
CIFC also initially priced $26 million of class C floating-rate notes at Libor plus 270 bps, $28 million of class D floating-rate notes at Libor plus 425 bps, $14.1 million of class E floating-rate notes at Libor plus 763.5 bps and $37.2 million of subordinated notes.
CIFC Asset Management LLC will manage the collateral through the end of the reinvestment period on Oct. 20, 2026.
Backing for the notes comes from a portfolio of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting Sept. 30, 2023.
RBC Capital Markets LLC was the placement agent.
The investment adviser is based in New York.
| Issuers: | CIFC Funding 2020-II Ltd./CIFC Funding 2020-II LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $450.9 million
|
| Maturity: | Oct. 20, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | RBC Capital Markets LLC
|
| Manager: | CIFC Asset Management LLC
|
| Call feature: | Sept. 30, 2023
|
| Settlement date: | Sept. 30
|
|
|
| Class A-R notes
|
| Amount: | $279 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 117 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-R notes
|
| Amount: | $63 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $27 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 205 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | $27 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 305 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R notes
|
| Amount: | $17.7 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 650 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $37.2 million
|
| Securities: | Subordinated notes
|
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