Chicago, Sept. 27 – CFI Partners LLC refinanced and extended for $485.153 million the collateralized loan obligation issued by CFIP CLO 2017-1 Ltd./CFIP CLO 2017-1 LLC, according to a pre-sale report.
The notes will now mature on Oct. 18, 2034.
The refinanced CLO consists of $2.88 million of class X senior secured floating-rate notes at Libor plus 90 basis points, $300.25 million of class A-R senior secured floating-rate notes at Libor plus 123 bps, $61.75 million of class B-R senior secured floating-rate notes at Libor plus 190 bps, $28.5 million of class C-R senior secured deferrable floating-rate notes at Libor plus 260 bps, $28.5 million of class D-R senior secured deferrable floating-rate notes at Libor plus 382 bps, $19.2 million of class E-R senior secured deferrable floating-rate notes at Libor plus 730 bps and $44.073 million of subordinated notes.
The CLO originally had $310 million of class A floating-rate notes at a discount margin of Libor plus 122 bps; $47.75 million of class B floating-rate notes at a discount margin of Libor plus 165 bps; $36,795,000 of class C floating-rate notes at a discount margin of Libor plus 210 bps; $25,045,000 of class D floating-rate notes at a discount margin of Libor plus 320 bps; $19.08 million of class E floating-rate notes at a discount margin of Libor plus 660 bps and $44,073,000 of income notes. The original deal also had $1 million of class X floating-rate notes.
New class X notes are expected to be issued at closing.
CFI Partners LLC will manage the collateral through the end of the reinvestment period on Oct. 18, 2026.
Collateral consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting Sept. 15, 2023.
Well Fargo Securities LLC was the placement agent.
Chicago Fundamental Investment Partners is a Chicago-based asset management firm.
| Issuers: | CFIP CLO 2017-1 Ltd./CFIP CLO 2017-1 LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $485.153 million
|
| Maturity: | Oct. 18, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | Well Fargo Securities LLC
|
| Manager: | CFI Partners LLC
|
| Call feature: | Sept. 15, 2023
|
| Settlement date: | Sept. 15
|
|
|
| Class X notes
|
| Amount: | $2.88 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 90 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-R notes
|
| Amount: | $300.25 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 123 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-R notes
|
| Amount: | $61.75 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $28.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 260 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | $28.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 382 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R notes
|
| Amount: | $19.2 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 730 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $44.073 million
|
| Securities: | Subordinated notes
|
© 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.
