By Cristal Cody
Tupelo, Miss., Feb. 14 – CIFC Asset Management LLC refinanced $656 million of notes due May 24, 2026 in the CIFC Funding 2014-II Ltd. collateralized loan obligation transaction, according to a market source.
CIFC Funding 2014-2 priced $504 million of class A-1L-R floating-rate notes at par to yield Libor plus 120 basis points; $73.2 million of class A-2L-R floating-rate notes at par to yield Libor plus 155 bps; $10 million of class A-2F-R fixed-rate notes at par to yield 3.42% and $68.8 million of class A-3L-R floating-rate notes at Libor plus 225 bps.
Citigroup Global Markets Inc. arranged the deal.
CIFC Asset Management is the CLO manager.
The CLO, collateralized mainly by senior secured loans, has a two-year non-call period and a four-year reinvestment period.
Proceeds will be used to redeem the original notes.
CIFC Asset Management is a New York-based credit manager.
| Issuer: | CIFC Funding 2014-II Ltd.
|
| Amount: | $656 million refinancing
|
| Maturity: | May 24, 2026
|
| Securities: | Fixed- and floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Citigroup Global Markets Inc.
|
| Manager: | CIFC Asset Management LLC
|
| Pricing date: | Feb. 8
|
| Settlement date: | Feb. 24
|
|
|
| Class A-1L-R notes
|
| Amount: | $504 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 120 bps
|
| Price: | Par
|
| Yield: | Libor plus 120 bps
|
| Ratings: | Moody’s: Aaa expected
|
| S&P: AAA
|
|
|
| Class A-2L-R notes
|
| Amount: | $73.2 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 155 bps
|
| Price: | Par
|
| Yield: | Libor plus 155 bps
|
| Rating: | Moody’s: Aa2 expected
|
|
|
| Class A-2F-R notes
|
| Amount: | $10 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 3.42%
|
| Price: | Par
|
| Yield: | 3.42%
|
| Rating: | Moody’s: Aa2 expected
|
|
|
| Class A-3L-R notes
|
| Amount: | $68.8 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 225 bps
|
| Rating: | Moody’s: A2 expected
|
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