CIFC Funding 2015-1 to redeem $438.4 million notes, $50 million loans

By Angela McDaniels

Tacoma, Wash., Oct. 31 – CIFC Funding 2015-I, Ltd./CIFC Funding 2015-I, LLC will redeem their $340 million of outstanding class A-1 notes, $50 million of outstanding class A-2 loans, $66 million of outstanding class B notes and $32.4 million of outstanding class C notes, according to a notice to bondholders from trustee Bank of New York Mellon Trust Co., NA.

The issuers will fund the redemption with the proceeds of a refinancing.

The redemption price will be 100% of the outstanding amount plus accrued interest up to the redemption date, provided that holders of 100% of the aggregate principal amount of any class of secured debt may elect to receive less than 100% of the redemption price.

The redemption will occur on Nov. 22 or such later day on which the collateral manager informs the issuers that the conditions to the refinancing are satisfied, but in no event later than Dec. 23.

On Oct. 10, the equity majority directed the redemption of the notes, according to the notice.

The CLO is managed by New York-based CIFC Asset Management LLC, a subsidiary of CIFC Corp.

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