By Cristal Cody
Tupelo, Miss., May 13 - CIFC Funding 2013-II, Ltd. and CIFC Funding 2013-II, LLC sold a $519.35 million collateralized loan obligation notes due May 15, 2025, according to a market source.
CIFC priced $310 million of class A-1 senior secured floating-rate notes (Aaa) at Libor plus 115 basis points; $2.5 million of class X senior secured floating-rate notes (Aaa) at Libor plus 100 bps; $63.5 million of class A-2L senior secured floating-rate notes at Libor plus 465 bps; $42 million of class A-3L senior secured deferrable floating-rate notes at Libor plus 265 bps; $26.5 million of class B-1L senior secured deferrable floating-rate notes at Libor plus 370 bps; $24.5 million of class B-2L senior secured deferrable floating-rate notes at Libor plus 475 bps; $6.25 million of class B-3L senior secured deferrable floating-rate notes at Libor plus 575 bps; and $44.1 million of subordinated notes.
RBS Securities Inc. was the placement agent.
CIFC Asset Management LLC will manage the cash-flow CLO, which is backed by broadly syndicated first-lien loan senior secured corporate loans.
The notes have a non-call period that ends in May 2015.
| Issuer: | CIFC Funding 2013-I, Ltd./CIFC Funding 2013-I, LLC
|
| Amount: | $519.35 million
|
| Maturity: | May 15, 2025
|
| Securities: | Floating-rate notes
|
| Structure: | Cash-flow CLO
|
| Placement agent: | RBS Securities Inc.
|
| Manager: | CIFC Asset Management LLC
|
| Call feature: | Two years
|
| Settlement date: | May 15
|
|
|
| Class A-1 notes
|
| Amount: | $310 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 115 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class X notes
|
| Amount: | $2.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 100 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A-2L notes
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| Amount: | $63.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 465 bps
|
| Rating: | Non-rated
|
|
|
| Class A-3L notes
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| Amount: | $42 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 265 bps
|
| Rating: | Non-rated
|
|
|
| Class B-1L notes
|
| Amount: | $26.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 370 bps
|
| Rating: | Non-rated
|
|
|
| Class B-2L notes
|
| Amount: | $24.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 475 bps
|
| Rating: | Non-rated
|
|
|
| Class B-3L notes
|
| Amount: | $6.25 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 575 bps
|
| Rating: | Non-rated
|
|
|
| Equity tranche
|
| Amount: | $44.1 million
|
| Securities: | Subordinated notes
|
| Rating: | Non-rated
|
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