CIFC’s $25 million of notes converted ahead of July 13 redemption

Holder DFR Holdings converts notes into 4,132,231 common shares

By Angela McDaniels

Tacoma, Wash., June 20 – CIFC Corp. called its $25 million principal amount of convertible subordinated notes due Dec. 9, 2017, but the holder converted the notes before they could be redeemed, according to an 8-K filing with the Securities and Exchange Commission.

The company planned to redeem the convertibles at par plus accrued interest on July 13, and it notified the holder on June 18.

The holder, DFR Holdings LLC, exercised its right to convert the notes into 4,132,231 shares of the company’s common stock.

The conversion ratio is equivalent to a conversion price of $6.05 per share. CIFC stock closed at $8.77 (Nasdaq: CIFC) on June 20.

CIFC is based in New York and specializes in originating and managing investment products that have corporate credit obligations, primarily senior secured corporate loans, as the primary underlying investments.

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