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CIFC prices $587.5 million CLO, only manager to print two deals in 2017; Shenkman refinances
By Cristal Cody
Tupelo, Miss., April 5 – CIFC Asset Management LLC returned to the CLO primary market for a second time year to date with a new $587.5 million transaction.
The CLO manager is the only manager to price two new CLOs so far in 2017, according to Wells Fargo Securities, LLC analysts.
In refinancing action, Shenkman Capital Management, Inc. refinanced $327.5 million of notes from a 2013 CLO offering.
More than $45 billion of CLOs have been refinanced year to date, while new issuance supply totals about $17 billion, market sources report.
CIFC prices 2017-II CLO
CIFC Asset Management sold $587.5 million of notes due April 20, 2030 in the CIFC Funding 2017-II Ltd. transaction, according to a market source.
The CLO priced $362.25 million of class A senior secured floating-rate notes at Libor plus 124 basis points in the senior AAA slice.
Morgan Stanley & Co. LLC arranged the offering.
CIFC CLO Management LLC, an affiliate of CIFC Asset Management, is the CLO manager.
Proceeds will be used to purchase a $500 million portfolio of primarily first-lien senior secured leveraged loans.
CIFC Asset Management has priced two new CLOs year to date.
The credit manager is based in New York.
Shenkman refinances CLO
Shenkman Capital Management refinanced $327.5 million of notes due Jan. 17, 2026 in the vintage 2013 Sudbury Mill CLO Ltd./Sudbury Mill CLO LLC offering, according to a notice of revised supplemental indenture on Tuesday.
The CLO sold $200 million of class A-1-R senior floating-rate notes at Libor plus 115 bps at the top of the capital stack.
Nomura Securities International, Inc. arranged the refinancing.
Proceeds will be used to redeem the original class A1, A-2, B-1, B-2 and C notes on April 17.
Shenkman Capital Management is a New York-based investment firm.
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