CIFC prices $502.31 million; Octagon brings CLO; Tetragon raises $403 million for fund

By Cristal Cody

Tupelo, Miss., March 13 – CIFC CLO Management II LLC priced $502.31 million of notes in the manager’s second CLO offering of the year.

In addition, Octagon Credit Investors, LLC brought $501.85 million of notes in a new CLO transaction.

CLO managers have priced just under $20 billion of new issues year to date, according to market sources.

Meanwhile, Tetragon Credit Income Partners Ltd. said in a news release on Wednesday that the February close of Tetragon Credit Income III LP brought total commitments to about $430 million for a CLO fund.

The London-based private equity vehicle focuses on CLO investments, including majority stakes in CLO equity tranches.

Tetragon Credit Income said its most recent CLO investment vehicle, Tetragon Credit Income II LP, raised just under $350 million through its final close in 2017.

“The CLO market continues to be a dynamic space presenting many interesting investment opportunities, both near and long-term and across various credit and economic cycles,” Scott Snell, portfolio manager for Tetragon Credit Income, said in the release.

“Today’s announcement marks an important milestone for the Tetragon Credit Income business, as TCI III is a new, dedicated pool of capital that will enable us to continue to make control equity investments in the primary market and to play an active role in the structuring of these investments,” he said.

Tetragon Credit Income is part of TFG Asset Management, the alternative asset management business of Tetragon Financial Group Ltd.

Since 2005, Tetragon said it has invested more than $2.3 billion in CLO equity across 101 CLOs managed by 32 managers.

CIFC prices 2019-II CLO

CIFC CLO Management II priced $502.31 million of notes due April 17, 2030 in the CIFC Funding 2019-II, Ltd. broadly syndicated CLO offering, according to a market source.

The CLO sold $320 million of class A floating-rate notes at Libor plus 125 basis points in the AAA-rated tranche.

Deutsche Bank Securities Inc. was the placement agent.

The deal is backed primarily by broadly syndicated first-lien senior secured loans.

CIFC CLO Management has priced two new CLOs year to date.

The New York City-based investment adviser is an affiliate of CIFC Asset Management LLC.

Octagon prints 41 CLO

Octagon Credit Investors priced $501.85 million of notes due April 15, 2031 in its CLO transaction, according to a market source.

Octagon Investment Partners 41, Ltd./Octagon Investment Partners 41, LLC sold $300 million of class A-1 senior secured floating-rate notes Libor plus 133 bps and $25 million of class A-2 senior secured floating-rate notes at Libor plus 165 bps at the top of the capital stack.

J.P. Morgan Securities, LLC was the placement agent.

The transaction is backed primarily by first-lien senior secured corporate loans.

The affiliate of CCMP Capital Advisors, LLC is based in New York.

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