Chicago, Aug. 30 – CIFC Asset Management LLC refinanced and extended for $508.5 million the collateralized loan obligation originally issued by CIFC Funding 2020-I Ltd./CIFC Funding 2020-I LLC, according to a pre-sale report.
The notes will now mature on July 15, 2036.
The refinanced CLO consists of $1.5 million of class X-R senior secured floating-rate notes at Libor plus 65 basis points, $310 million of class A-1-R senior secured floating-rate notes at Libor plus 115 bps, $12.5 million of class A-2-R senior secured floating-rate notes at Libor plus 140 bps, $57.5 million of class B-R senior secured floating-rate notes at Libor plus 165 bps, $30 million of class C-R senior secured deferrable floating-rate notes at Libor plus 200 bps, $30 million of class D-R senior secured deferrable floating-rate notes at Libor plus 310 bps, $20 million of class E-R senior secured deferrable floating-rate notes at Libor plus 625 bps and $47 million of subordinated notes.
In 2020, the CLO originally sold $290 million of class A-1 floating-rate notes at Libor plus 170 bps, $25 million of class A-2 floating-rate notes at Libor plus 195 bps and $56 million of class B floating-rate notes at Libor plus 230 bps.
CIFC also originally priced $32 million of class C floating-rate notes at Libor plus 240 bps, $30.5 million of class D floating-rate notes at Libor plus 400 bps, $16.5 million of class E floating-rate notes at Libor plus 708 bps and $47 million of subordinated notes.
CIFC Asset Management LLC will manage the collateral through the end of the reinvestment period on July 15, 2026.
The notes can be called starting July 15, 2023.
Barclays was the placement agent.
The investment adviser is based in New York.
| Issuer: | CIFC Funding 2020-I Ltd./CIFC Funding 2020-I LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $508.5 million
|
| Maturity: | July 15, 2036
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays
|
| Manager: | CIFC Asset Management LLC
|
| Call feature: | July 15, 2023
|
| Settlement date: | Aug. 5
|
|
|
| Class X-R notes
|
| Amount: | $1.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 65 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1-R notes
|
| Amount: | $310 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 115 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2-R notes
|
| Amount: | $12.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 140 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-R notes
|
| Amount: | $57.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 310 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R notes
|
| Amount: | $20 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 625 bps
|
| Rating: | S&P: Non-rated
|
|
|
| Subordinated notes
|
| Amount: | $47 million
|
| Securities: | Subordinated notes
|
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