CIFC Asset Management does another refinancing; AB Private Credit advances inaugural CLO

By Christine Van Dusen

Atlanta, Dec. 9 – CIFC Asset Management LLC on Friday refinanced a CLO, and Atlanta-based AB Private Credit Investors LLC moved forward with plans for its inaugural collateralized loan obligation transaction.

In its deal, CIFC placed $488.4 million notes due Jan. 22, 2027 in the CIFC Funding 2015-I Ltd./CIFC Funding 2015-I LLC CLO, according to a filing.

The deal includes $75 million of class A-1R floating-rate notes at Libor plus 139 basis points, $315 million of class A-2R floating-rate loans at Libor plus 139 bps, $66 million of class B-R floating-rate notes at Libor plus 195 bps and $32.4 million of class C-R floating-rate notes at Libor plus 280 bps.

The refinancing proceeds will be used to refinance the $340 million principal amount of class A-1 notes and $50 million class A-2 loans.

The refinancing has a one-year non-call period.

CIFC Asset Management has refinanced three vintage CLOs year to date.

The credit manager is based in New York.

Friday also saw AB Private Credit advance a CLO via the APCBI Direct Lending Fund CLO I Ltd. for $351.3 million, according to a presale report from S&P Global Ratings.

The offering will be a middle-market CLO, due in December 2028.

The deal includes $240.6 million of class A floating-rate notes at Libor plus 270 bps, $22.8 million class B deferrable floating-rate notes at Libor plus 592 bps and $87.9 million of subordinated notes.

A pro rata percentage of both the collateral and notes can potentially be partitioned off into separate entities on either of the first static date in December 2018 or the second static date in December 2019.

The transaction will be collateralized by at least 85% senior secured loans, with a minimum of 95% of the loan issuers required to be based in the United States.

A maximum of 10% of the loans in the collateral pool can be covenant-lite.

The CLO will have a non-call period ending in December 2018.

AB Private Credit Investors LLC is the collateral manager. Natixis Securities Americas LLC is the placement agent.

AB Private Credit Investors is the middle-market direct lending platform for Atlanta-based AllianceBernstein LP.

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