CIFC Asset Management preps $724.49 million CIFC Funding CLO offering

By Cristal Cody

Tupelo, Miss., April 7 - CIFC Asset Management LLC plans to offer $724.49 million of notes due May 24, 2026 in a collateralized loan obligation transaction, according to a market source on Monday.

The CIFC Funding 2014-II Ltd./CIFC Funding 2014- II LLC deal includes $441 million of class A-1L senior secured floating-rate notes (Aaa/AAA/), $62.8 million of class A-2L senior secured floating-rate notes (Aa2//), $10 million of class A-2F senior secured fixed-rate notes (Aa2//), $60.2 million of class A-3L senior secured deferrable floating-rate notes (A2//), $35 million of class B-1L senior secured deferrable floating-rate notes (Baa3//), $36.4 million of class B-2L senior secured deferrable floating-rate notes (Ba3//) and $79.09 million of subordinated notes.

RBS Securities Inc. will arrange the offering.

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.

CIFC Asset Management brought the $623 million CIFC Funding 2014 Ltd./CIFC Funding 2014 LLC deal on Feb. 6. The firm was in the market in 2013 with four CLO transactions.

The New York City-based investment adviser is a subsidiary of CIFC Corp.

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