By Cristal Cody
Tupelo, Miss., July 27 – CIFC Asset Management LLC priced $497 million of notes due July 15, 2032 in the manager’s first new issue of the year, the CIFC Funding 2020-I, Ltd./CIFC Funding 2020-I, LLC broadly syndicated CLO offering, according to market sources.
The CLO sold $290 million of class A-1 floating-rate notes at Libor plus 170 basis points, $25 million of class A-2 floating-rate notes at Libor plus 195 bps and $56 million of class B floating-rate notes at Libor plus 230 bps.
CIFC priced $32 million of class C floating-rate notes at Libor plus 240 bps, $30.5 million of class D floating-rate notes at Libor plus 400 bps, $16.5 million of class E floating-rate notes at Libor plus 708 bps and $47 million of subordinated notes.
Barclays was the placement agent.
The CLO has a one-year non-call period and a three-year reinvestment period.
The offering is backed primarily by broadly syndicated first-lien senior secured loans.
CIFC priced six new CLOs in 2019.
The investment adviser is based in New York.
| Issuer: | CIFC Funding 2020-I, Ltd./CIFC Funding 2020-I, LLC
|
| Amount: | $497 million
|
| Maturity: | July 15, 2032
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays
|
| Manager: | CIFC Asset Management LLC
|
| Call feature: | One year
|
| Settlement date: | July 29
|
|
|
| Class A-1 notes
|
| Amount: | $290 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 195 bps
|
| Ratings: | S&P: Non-rated
|
|
|
| Class B notes
|
| Amount: | $56 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 230 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $32 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 240 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $30.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 400 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $16.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 708 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $47 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
