By Cristal Cody
Tupelo, Miss., Nov. 28 – Chicago Fundamental Investment Partners, LLC sold $483,923,000 of notes due Jan. 18, 2030 in the CFIP CLO 2017-1, Ltd./CFIP CLO 2017-1, LLC transaction, according to market sources.
The CLO priced $310 million of class A floating-rate notes at a discount margin of Libor plus 122 basis points; $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 deal also included $1 million of class X floating-rate notes.
Wells Fargo Securities LLC was the placement agent.
Chicago Fundamental Investment Partners will manage the CLO.
The CLO has a two-year non-call period and a four-year reinvestment period.
The notes are backed primarily by broadly syndicated senior secured corporate loans.
Chicago Fundamental Investment Partners is a Chicago-based asset management firm.
| Issuer: | CFIP CLO 2017-1, Ltd./CFIP CLO 2017-1, LLC
|
| Amount: | $483,923,000
|
| Maturity: | Jan. 18, 2030
|
| Securities: | Floating-rate and income notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Wells Fargo Securities LLC
|
| Manager: | Chicago Fundamental Investment Partners, LLC
|
| Call feature: | Two years
|
| Pricing date: | Nov. 2
|
| Settlement date: | Dec. 1
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class X notes
|
| Amount: | $1 million
|
| Securities: | Senior secured floating-rate notes
|
| Rating: | S&P: AAA
|
|
|
| Class A notes
|
| Amount: | $310 million
|
| Securities: | Floating-rate notes
|
| Discount margin: | Libor plus 122 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $47.75 million
|
| Securities: | Floating-rate notes
|
| Discount margin: | Libor plus 165 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $36,975,000
|
| Securities: | Floating-rate notes
|
| Discount margin: | Libor plus 210 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $25,045,000
|
| Securities: | Floating-rate notes
|
| Discount margin: | Libor plus 320 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $19.08 million
|
| Securities: | Floating-rate notes
|
| Discount margin: | Libor plus 660 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $44,073,000
|
| Securities: | Income notes
|
| Ratings: | Non-rated
|
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