CIFC prices $814.41 million CLO; NYL Investors refinances notes; secondary shows activity

By Cristal Cody

Tupelo, Miss., Sept. 6 – Details emerged on new and refinanced issuance in the U.S. CLO market.

CIFC Asset Management LLC tapped the primary market with a new $814.41 million CLO transaction.

NYL Investors LLC refinanced $322 million of notes in three tranches from a 2015 CLO.

New CLO volume year to date totals about $62 billion, while refinancing supply to date in 2017 totals more than $117 billion, according to market sources.

Elsewhere, secondary trading picked up modestly as the week kicked off on Tuesday, according to Trace.

The previous session had $28.66 million of high-grade CBO/CDO/CLO secondary market volume and $11 million of non-high-grade volume.

CIFC prices 2017-IV CLO

CIFC Asset Management priced $814.41 million of notes due Oct. 24, 2030 in the CIFC Funding 2017-IV Ltd./CIFC Funding 2017-IV LLC transaction, according to market sources.

The CLO priced the $520 million tranche of class A-1 floating-rate notes at Libor plus 125 basis points.

BofA Merrill Lynch arranged the offering.

CIFC CLO Management LLC is the CLO manager.

CIFC Asset Management has priced four new CLOs and refinanced three vintage CLOs year to date.

The credit manager is based in New York.

NYL Investors refinances

NYL Investors sold $322 million of notes due April 15, 2027 in the Flatiron CLO 2015-1 Ltd./Flatiron CLO 2015-1 LLC transaction, according to a notice of executed supplemental indenture on Tuesday.

The CLO priced $255 million of class A-R senior secured floating-rate notes at Libor plus 89 bps in the senior tranche.

Morgan Stanley & Co. LLC arranged the offering.

NY Investors will continue to manage the CLO.

The original $415 million CLO was issued on March 25, 2015. The CLO originally priced the $255 million of class A floating-rate notes at Libor plus 140 bps.

NYL Investors is a New York-based subsidiary of mutual life insurance company New York Life Insurance Co.

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