By Cristal Cody
Tupelo, Miss., Oct. 31 - CIFC Asset Management LLC sold $522.5 million of notes due Nov. 27, 2024 in the CIFC Funding 2013-IV Ltd./CIFC Funding 2013-IV LLC collateralized loan obligation deal, according to an informed source.
CIFC Funding priced $4 million of class X senior secured floating-rate notes (Aaa/AAA/) at Libor plus 100 basis points; $299 million of class A-1 senior secured floating-rate notes (Aaa/AAA/) at Libor plus 140 bps and $20 million of 3.31% class A-2 senior secured fixed-rate notes (Aaa/AAA/) at the top of the capital structure.
The CLO also sold $26.5 million of class B-1 senior secured floating-rate notes (Aa2//) at Libor plus 185 bps; $15 million of 4% class B-2 senior secured fixed-rate notes (Aa2//); $16.5 million of class C-1 mezzanine secured deferrable floating-rate notes (A2//) at Libor plus 325 bps; $21.5 million of class C-2 mezzanine secured deferrable floating-rate notes (A2/A-/) at Libor plus 325 bps; $5 million of 5.41% class C-3 mezzanine secured deferrable fixed-rate notes (A2//); $28 million of class D mezzanine secured deferrable floating-rate notes (Baa3//) at Libor plus 350 bps; $33.5 million of class E junior secured deferrable floating-rate notes (Ba3//) at Libor plus 475 bps; $8 million of subordinated notes 1 and $45.5 million of subordinated notes 2.
Morgan Stanley & Co. LLC arranged the deal.
The non-call period ends Nov. 27, 2015, and the reinvestment period ends Nov. 27, 2017.
CIFC Asset Management will manage the CLO, which is backed primarily by broadly syndicated senior secured corporate loans.
The New York-based investment adviser is a subsidiary of CIFC Corp.
| Issuer: | CIFC Funding 2013-IV Ltd./CIFC Funding 2013-IV LLC
|
| Amount: | $522.5 million
|
| Maturity: | Nov. 27, 2024
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash-flow CLO
|
| Placement agent: Morgan Stanley & Co. LLC
|
| Manager: | CIFC Asset Management LLC
|
| Call feature: | Nov. 27, 2015
|
| Settlement date: | Nov. 14
|
|
|
| Class X notes
|
| Amount: | $4 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 100 bps
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
|
|
| Class A-1 notes
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| Amount: | $299 million
|
| Securities: | Senior secured floating-rate notes
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| Coupon: | Libor plus 140 bps
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
|
|
| Class A-2 notes
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| Amount: | $20 million
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| Securities: | Senior secured fixed-rate notes
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| Coupon: | 3.31%
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| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
|
|
| Class B-1 notes
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| Amount: | $26.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 185 bps
|
| Rating: | Moody's: Aa2
|
|
|
| Class B-2 notes
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| Amount: | $15 million
|
| Securities: | Senior secured fixed-rate notes
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| Coupon: | 4%
|
| Rating: | Moody's: Aa2
|
|
|
| Class C-1 notes
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| Amount: | $16.5 million
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| Securities: | Mezzanine secured deferrable floating-rate notes
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| Coupon: | Libor plus 325 bps
|
| Rating: | Moody's: A2
|
|
|
| Class C-2 notes
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| Amount: | $21.5 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 325 bps
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A-
|
|
|
| Class C-3 notes
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| Amount: | $5 million
|
| Securities: | Mezzanine secured deferrable fixed-rate notes
|
| Coupon: | 5.41%
|
| Rating: | Moody's: A2
|
|
|
| Class D notes
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| Amount: | $28 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 350 bps
|
| Rating: | Moody's: Baa3
|
|
|
| Class E notes
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| Amount: | $33.5 million
|
| Securities: | Junior secured deferrable floating-rate notes
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| Coupon: | Libor plus 475 bps
|
| Rating: | Moody's: Ba3
|
|
|
| Equity tranche 1
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| Amount: | $8 million
|
| Securities: | Subordinated notes
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| Rating: | Non-rated
|
|
|
| Equity tranche 2
|
| Amount: | $45.5 million
|
| Securities: | Subordinated notes
|
| Rating: | Non-rated
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