Chicago, Sept. 13 – CIFC Funding 2016-I Ltd./CIFC Funding 2016-I LLC priced $514.35 million of notes due Oct. 21, 2031 in a broadly syndicated CLO offering that is a reset of a vintage transaction, according to a market source.
The CLO sold $1.1 million class X floating-rate notes at Libor plus 65 basis points; $298 million of class A-1-R floating-rate notes at Libor plus 135 bps; $24.5 million of class A-2-R 2.9% fixed-rate notes; $57.5 million of class B-R floating-rate notes at Libor plus 195 bps and $30 million of class C-R floating-rate notes at Libor plus 280 bps.
Also sold were $17.5 million of class D-1-R deferrable floating-rate notes at Libor plus 400 bps; $12.5 million class D-2-R deferrable floating-rate notes at Libor plus 440 bps; $20 million class E-R deferrable floating-rate notes at Libor plus 770 bps; and $4 million class F-R deferrable floating-rate notes at Libor plus 1,015 bps.
The portfolio also includes $49.25 of subordinated notes.
BNP Paribas Securities Corp. was the placement agent.
The CLO has a two-year non-call period and a five-year reinvestment period.
The deal is backed primarily by broadly syndicated first-lien senior secured loans.
The portfolio is managed by New York City-based CIFC Asset Management LLC.
| Issuer: | CIFC Funding 2016-I Ltd./CIFC Funding 2016-I LLC.
|
| Amount: | $514.35 million reset
|
| Maturity: | Oct. 21, 2031
|
| Securities: | Floating-rate, fixed-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | BNP Paribas Securities Corp.
|
| Manager: | CIFC CLO Management LLC
|
| Call feature: | Two years
|
| Pricing date: | Sept. 13
|
| Settlement date: | Sept. 27
|
|
|
| Class X notes
|
| Amount: | $1.1 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 65 bps
|
| Rating: | S&P: AAA expected
|
|
|
| Class A-1-R notes
|
| Amount: | $298 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 135 bps
|
| Rating: | S&P: AAA expected
|
|
|
| Class A-2-R notes
|
| Amount: | $24.5 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 2.9%
|
| Rating: | S&P: AAA expected
|
|
|
| Class B-R notes
|
| Amount: | $57.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 195 bps
|
| Rating: | S&P: AA expected
|
|
|
| Class C-R notes
|
| Amount: | $30 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 280 bps
|
| Rating: | S&P: A expected
|
|
|
| Class D-1-R notes
|
| Amount: | $17.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 400 bps
|
| Rating: | S&P: BBB+ expected
|
|
|
| Class D-2-R notes
|
| Amount: | $12.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 440 bps
|
| Rating: | S&P: BBB- expected
|
|
|
| Class E-R notes
|
| Amount: | $20 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 770 bps
|
| Rating: | S&P: BB- expected
|
|
|
| Class F-R notes
|
| Amount: | $4 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 1,015 bps
|
| Rating: | S&P: B- expected
|
|
|
| Equity
|
| Amount: | $49.25 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
© 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.
