By Cristal Cody
Tupelo, Miss., July 20 – CIFC Asset Management LLC sold $515.7 million of notes due July 16, 2027 in the CIFC Funding 2015-III, Ltd./CIFC Funding 2015-III, LLC collateralized loan obligation transaction, according to a market source.
The CLO priced $325 million of class A senior secured floating-rate notes at Libor plus 142 basis points; $55 million of class B senior secured floating-rate notes at Libor plus 210 bps; $30 million of class C mezzanine secured deferrable floating-rate notes at Libor plus 290 bps; $27.5 million of class D mezzanine secured deferrable floating-rate notes at Libor plus 380 bps; $22.5 million of class E mezzanine secured deferrable floating-rate notes at Libor plus 605 bps; $10 million of class F mezzanine secured floating-rate notes at Libor plus 690 bps and $45.7 million of subordinated notes.
BNP Paribas Securities Corp. was the placement agent.
CIFC Asset Management will manage the CLO, which has a two-year non-call period and a four-year reinvestment period.
The CLO is backed primarily by first-lien senior secured corporate loans.
The deal was supported by 16 institutional investors, CIFC said in a statement on Friday.
Proceeds from the transaction will be used to purchase a portfolio of about $500 million of mostly senior secured leveraged loans.
CIFC Asset Management previously brought the $513.4 million CIFC Funding 2015-II, Ltd./CIFC Funding 2015-II, LLC transaction on April 22.
The firm has priced three CLOs and refinanced a vintage 2011 CLO year to date.
CIFC Asset Management, a New York City-based subsidiary of CIFC Corp., brought four CLO transactions in 2014.
| Issuer: | CIFC Funding 2015-III, Ltd./CIFC Funding 2015-III, LLC
|
| Amount: | $515.7 million
|
| Maturity: | July 16, 2027
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | BNP Paribas Securities Corp.
|
| Manager: | CIFC Asset Management LLC
|
| Call feature: | 2017
|
| Pricing date: | June 23
|
| Settlement date: | July 16
|
| Distribution: | Rule 144A
|
|
|
| Class A notes
|
| Amount: | $325 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 142 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $55 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 210 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C notes
|
| Amount: | $30 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 290 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class D notes
|
| Amount: | $27.5 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 380 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class E notes
|
| Amount: | $22.5 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 605 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Class F notes
|
| Amount: | $10 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 690 bps
|
| Rating: | Moody’s: B3
|
|
|
| Equity
|
| Amount: | $45.7 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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