Chicago, Dec. 31 – CIFC Asset Management LLC refinanced and extended for $502.55 million the collateralized loan obligation issued by CIFC Funding 2020-III Ltd./CIFC Funding 2020-III LLC, according to a pre-sale report.
The extended notes will mature on Oct. 20, 2034.
The refinanced CLO consists of $310 million of class A-1-R senior secured floating-rate notes at Libor plus 113 basis points, $5 million of class A-2-R senior secured floating-rate notes at Libor plus 135 bps, $65 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, $19.25 million of class E-R senior secured deferrable floating-rate notes at Libor plus 650 bps and $43.3 million of subordinated notes.
The original transaction had LLC $300 million of class A-1 floating-rate notes at Libor plus 135 bps, $15 million of class A-2 floating-rate notes at Libor plus 160 bps and $65 million of class B floating-rate notes at Libor plus 170 bps.
CIFC also initially priced $30 million of class C deferrable floating-rate notes at Libor plus 240 bps, $30 million of class D deferrable floating-rate notes at Libor plus 390 bps, $15 million of class E deferrable floating-rate notes at Libor plus 735 bps and $43.3 million of subordinated notes.
CIFC Asset Management LLC will manage the collateral through the end of the reinvestment period on Oct. 20, 2026.
The collateral pool consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting Oct. 20, 2023.
Citigroup Global Markets Inc. was the placement agent.
The investment adviser is based in New York.
| Issuer: | CIFC Funding 2020-III Ltd./CIFC Funding 2020-III LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $502.55 million
|
| Maturity: | Oct. 20, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | CIFC Asset Management LLC
|
| Call feature: | Oct. 20, 2023
|
| Settlement date: | Nov. 15
|
|
|
| Class A-1-R notes
|
| Amount: | $310 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 113 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2-R notes
|
| Amount: | $5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 135 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-R notes
|
| Amount: | $65 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: | $19.25 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 650 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $43.3 million
|
| Securities: | Subordinated notes
|
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