By Cristal Cody
Tupelo, Miss., March 13 - Final pricing details emerged for CIFC Asset Management LLC's $623 million collateralized loan obligation deal.
The CIFC Funding 2014 Ltd./CIFC Funding 2014 LLC CLO priced $372.25 million of class A floating-rate notes (Aaa/AAA/) at Libor plus 150 basis points at the top of the capital structure, according to an informed source.
The CLO also sold $52.75 million of class B-1 floating-rate notes (Aa2) at Libor plus 200 bps; $20 million of 4.57% class B-2 fixed-rate notes (Aa2); $47.5 million of class C deferrable floating-rate notes (A2) at Libor plus 280 bps; $31.75 million of class D deferrable floating-rate notes (Baa3) at Libor plus 325 bps; $30 million of class E deferrable floating-rate notes (Ba3) at Libor plus 450 bps; $14.25 million of class F deferrable floating-rate notes (B2) at Libor plus 525 bps and $54.5 million of subordinated notes.
Credit Suisse Securities (USA) LLC was the placement agent.
CIFC Asset Management will manage the CLO, which is backed primarily by broadly syndicated senior secured corporate loans.
The CLO has a two-year non-call period and a four-year reinvestment period.
The notes are due April 18, 2025.
CIFC Asset Management was in the market in 2013 with the $516.6 million CIFC Funding 2013-I, Ltd. deal, the $649.65 million CIFC Funding 2013-II, Ltd. offering, the $418 million CIFC Funding 2013-III, Ltd. transaction and the $522.5 million CIFC Funding 2013-IV Ltd. vehicle.
The New York City-based investment adviser is a subsidiary of CIFC Corp.
| Issuer: | CIFC Funding 2014 Ltd./CIFC Funding 2014 LLC
|
| Amount: | $623 million
|
| Maturity: | April 18, 2025
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Credit Suisse Securities (USA) LLC
|
| Manager: | CIFC Asset Management LLC
|
| Call feature: | April 2016
|
| Pricing date: | Feb. 6
|
| Settlement date: | March 7
|
|
|
| Class A notes
|
| Amount: | $372.25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 150 bps
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
|
|
| Class B-1 notes
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| Amount: | $52.75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Rating: | Moody's: Aa2
|
|
|
| Class B-2 notes
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| Amount: | $20 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 4.57%
|
| Rating: | Moody's: Aa2
|
|
|
| Class C notes
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| Amount: | $47.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 280 bps
|
| Rating: | Moody's: A2
|
|
|
| Class D notes
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| Amount: | $31.75 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 325 bps
|
| Rating: | Moody's: Baa3
|
|
|
| Class E notes
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| Amount: | $30 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 450 bps
|
| Rating: | Moody's: Ba3
|
|
|
| Class F notes
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| Amount: | $14.25 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 525 bps
|
| Rating: | Moody's: B2
|
|
|
| Equity tranche
|
| Amount: | $54.5 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
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