CIFC prices $443.8 million CLO; GoldenTree prints $442.55 million; primary AAAs firm

By Cristal Cody

Tupelo, Miss., Aug. 5 – Two CLO managers brought their second dollar-denominated CLO offerings of the year to the primary market.

CIFC Asset Management LLC priced $443.8 million of new CLO notes following the closing of its first broadly syndicated CLO transaction of the year on July 29.

The CLO manager priced the senior tranche in the latest offering 5 basis points tighter than where the senior tranche in the CIFC Funding 2020-I, Ltd./CIFC Funding 2020-I, LLC deal came in July.

GoldenTree Loan Management LP sold $442.55 million of notes in its newest broadly syndicated CLO offering, the manager’s second dollar-denominated deal of the year.

GoldenTree Loan Management priced the AAA-rated tranche 35 bps tighter than where its first senior issue came in the GoldenTree Loan Management US CLO 7 Ltd./GoldenTree Loan Management US CLO 7 Inc. transaction that closed on May 8.

About $44 billion of dollar-denominated CLOs have priced year to date, market sources report.

CIFC prices 2020-II CLO

CIFC Asset Management priced $443.8 million of notes due Aug. 24, 2032 in the CLO deal, according to a market source.

CIFC Funding 2020-II, Ltd./CIFC Funding 2020-II, LLC sold $262 million of class A-1 floating-rate notes at Libor plus 165 bps at the top of the capital structure.

RBC Capital Markets, LLC was the placement agent.

The offering is backed primarily by broadly syndicated first-lien senior secured loans.

CIFC has priced two new CLOs year to date. The firm priced six new CLOs in 2019.

The investment adviser is based in New York.

GoldenTree sells US CLO 8

GoldenTree Loan Management priced $442.55 million of notes due July 20, 2031 in its transaction, according to market sources.

GoldenTree Loan Management US CLO 8 Ltd./GoldenTree Loan Management US CLO 8 LLC sold $279.45 million of the class A floating-rate notes at Libor plus 155 bps.

Wells Fargo Securities LLC, BofA Securities, Inc. and Morgan Stanley & Co. LLC were the placement agents.

The CLO is backed primarily by broadly syndicated senior secured loans.

GoldenTree Asset Management has priced two new CLOs year to date.

The CLO manager, part of New York City-based private investment firm GoldenTree Asset Management, LP, priced three new CLOs in 2019.

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