Chicago, April 14 – CIFC Asset Management LLC sold $508 million of notes in the new collateralized loan obligation transaction that lists CIFC Funding 2021-II Ltd./CIFC Funding 2021-II LLC as issuer, according to a pre-sale report.
The portfolio has an April 15, 2034 maturity date.
The CLO includes $310 million of class A senior secured floating-rate notes at Libor plus 102 basis points, $70 million of class B senior secured floating-rate notes at Libor plus 145 bps, $30 million of class C senior secured deferrable floating-rate notes at Libor plus 165 bps, $30 million of class D senior secured deferrable floating-rate notes at Libor plus 265 bps, $20 million of class E senior secured deferrable floating-rate notes at Libor plus 620 bps and $48 million of subordinated notes.
BofA Securities Inc. is the initial purchaser.
CIFC Asset Management will manage the portfolio through April 15, 2026, the end of the reinvestment period.
The notes can be called started April 15, 2023.
Collateral for the CLO comes mostly from senior secured loans, cash and eligible investments with most borrowers based in the United States.
The investment adviser is based in New York.
| Issuers: | CIFC Funding 2021-II Ltd./CIFC Funding 2021-II LLC
|
| Issue: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Amount: | $508 million
|
| Maturity: | April 15, 2034
|
| Agent: | BofA Securities Inc.
|
| Manager: | CIFC Asset Management LLC
|
| Call: | April 9, 2023
|
| Announcement date: | April 14
|
| Settlement date: | April 15
|
|
|
| Class A notes
|
| Amount: | $310 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 102 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $70 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 145 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
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| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 265 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
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| Amount: | $20 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 620 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $48 million
|
| Securities: | Subordinated notes
|
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