Cedar Funding III CLO to redeem secured, subordinated notes on Aug. 21

By Angela McDaniels

Tacoma, Wash., July 31 – Cedar Funding III CLO, Ltd. and Cedar Funding III CLO, LLC will redeem their secured and subordinated notes in whole on Aug. 21, according to a notice to noteholders.

The redemption will be funded from sale proceeds and is being made at the direction of the holders of a majority of the subordinated notes.

The redemption applies to the CLO’s $184 million of class A-1 notes, $50 million of class A-F notes, $38.5 million of class B-1 notes, $14 million of class B-F notes, $24 million of class C notes, $19.5 million of class D notes, $17.5 million of class E notes and $41.75 million of subordinated notes.

For each series of secured notes, the redemption price is the outstanding principal amount plus accrued interest.

For the subordinated notes, the redemption price is an amount equal to their proportional share of the portion of the proceeds of the remaining assets after giving effect to the redemption of the secured notes and payment of all expenses of the co-issuers.

Aegon USA Investment Management LLC is the portfolio manager.

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