CIFC Asset Management does another refinancing; AB Private Credit advances inaugural CLO

By Christine Van Dusen

Atlanta, Dec. 9 – CIFC Asset Management LLC on Friday refinanced a CLO, and Atlanta-based AB Private Credit Investors LLC moved forward with plans for its inaugural collateralized loan obligation transaction.

In its deal, CIFC placed $488.4 million notes due Jan. 22, 2027 in the CIFC Funding 2015-I Ltd./CIFC Funding 2015-I LLC CLO, according to a filing.

The deal includes $75 million of class A-1R floating-rate notes at Libor plus 139 basis points, $315 million of class A-2R floating-rate loans at Libor plus 139 bps, $66 million of class B-R floating-rate notes at Libor plus 195 bps and $32.4 million of class C-R floating-rate notes at Libor plus 280 bps.

The refinancing proceeds will be used to refinance the $340 million principal amount of class A-1 notes and $50 million class A-2 loans.

The refinancing has a one-year non-call period.

CIFC Asset Management has refinanced three vintage CLOs year to date.

The credit manager is based in New York.

Friday also saw AB Private Credit advance a CLO via the APCBI Direct Lending Fund CLO I Ltd. for $351.3 million, according to a presale report from S&P Global Ratings.

The offering will be a middle-market CLO, due in December 2028.

The deal includes $240.6 million of class A floating-rate notes at Libor plus 270 bps, $22.8 million class B deferrable floating-rate notes at Libor plus 592 bps and $87.9 million of subordinated notes.

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