Chicago, Sept. 14 – LBC Credit Management LP sold $399.45 million in a collateralized loan obligation being issued by CIFC-LBC Middle Market CLO 2023-1 LLC, according to a presale report.
The CLO will mature on Oct. 20, 2035.
The deal consists of $232 million of class A-1 senior secured floating-rate notes at SOFR plus 260 basis points, $16 million of class A-2 senior secured floating-rate loans at SOFR plus 310 bps, $12 million of class B-1 senior secured floating-rate notes at SOFR plus 355 bps, $12 million of class B-2 senior secured floating-rate loans at SOFR plus 355 bps, $32 million of class C senior secured deferrable floating-rate notes at SOFR plus 430 bps, $24 million of class D senior secured deferrable floating-rate notes at SOFR plus 650 bps, $24 million of class E senior secured deferrable floating-rate notes at SOFR plus 930 bps and $47.45 million of subordinated notes.
LBC Credit Management LP will manage the collateral through the end of the reinvestment period on Oct. 20, 2027.
Collateral for the CLO consists of middle-market speculative-grade senior secured term loans.
The CLO is callable starting Sept. 14, 2025.
Wells Fargo Securities LLC was the placement agent.
The investment adviser is based in Radnor, Pa.
| Issuer: | CIFC-LBC Middle Market CLO 2023-1 LLC
|
| Issue: | Floating-rate notes, floating-rate loans and subordinated notes
|
| Amount: | $399.45 million
|
| Maturity: | Oct. 20, 2035
|
| Structure: | Cash flow CLO
|
| Placement agent: | Wells Fargo Securities LLC
|
| Manager: | LBC Credit Management LP
|
| Call feature: | Sept. 14, 2025
|
| Pricing date: | Sept. 8
|
| Settlement date: | Sept. 14
|
|
|
| Class A-1 notes
|
| Amount: | $232 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 260 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 loans
|
| Amount: | $16 million
|
| Securities: | Senior secured floating-rate loans
|
| Coupon: | SOFR plus 310 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $12 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 355 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-2 loans
|
| Amount: | $12 million
|
| Securities: | Senior secured floating-rate loans
|
| Coupon: | SOFR plus 355 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $32 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 430 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 650 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 930 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $47.45 million
|
| Securities: | Subordinated notes
|
|
|
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