By Cristal Cody
Tupelo, Miss., Dec. 16 – CIFC Asset Management LLC priced $403.2 million of notes due Jan. 16, 2033 in the CIFC Funding 2019-VI, Ltd. broadly syndicated CLO offering, according to market sources.
The CLO sold $244 million of class A-1 floating-rate notes at Libor plus 133 basis points, $16 million of class A-2 floating-rate notes at Libor plus 175 bps and $44 million of class B floating-rate notes at Libor plus 190 bps.
CIFC priced $24 million of class C deferable floating-rate notes at Libor plus 270 bps, $22 million of class D deferable floating-rate notes at Libor plus 395 bps, $18 million of class E deferable floating-rate notes at Libor plus 740 bps and $35.2 million of subordinated notes.
Credit Suisse Securities (USA) LLC was the placement agent.
The CLO has a two-year non-call period and a five-year reinvestment period.
The offering is backed primarily by broadly syndicated first lien senior secured loans.
CIFC has priced six new CLOs year to date.
The investment adviser is based in New York.
| Issuer: | CIFC Funding 2019-VI, Ltd.
|
| Amount: | $403.2 million
|
| Maturity: | Jan. 16, 2033
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Credit Suisse Securities (USA) LLC
|
| Manager: | CIFC Asset Management LLC
|
| Call feature: | Two years
|
| Pricing date: | Dec. 2
|
| Settlement date: | Dec. 20
|
|
|
| Class A-1 notes
|
| Amount: | $244 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 133 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class A-2 notes
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| Amount: | $16 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Ratings: | S&P: Non-rated
|
|
|
| Class B notes
|
| Amount: | $44 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Ratings: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 270 bps
|
| Ratings: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $22 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 395 bps
|
| Ratings: | S&P: BBB-
|
|
|
| Class E notes
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| Amount: | $18 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 740 bps
|
| Ratings: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $35.2 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
|
|
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