By Cristal Cody
Tupelo, Miss., Jan. 24 – CIFC VS Management LLC priced $568.5 million of notes in a second refinancing and reset of the CIFC Funding 2014, Ltd./CIFC Funding 2014, LLC broadly syndicated CLO transaction, according to a market source and a notice of executed supplemental indentures.
The CLO priced $6 million of class X floating-rate notes at Libor plus 60 basis points, $369.5 million of class A-1-R2 floating-rate notes at Libor plus 110 bps and $23 million of class A-2-R2 floating-rate notes at Libor plus 120 bps.
CIFC Funding 2014 also sold $66.5 million of class B-R2 floating-rate notes at Libor plus 140 bps; $35.5 million of class C-R2 deferrable floating-rate notes at Libor plus 285 bps; $31.5 million of class D-R2 deferrable floating-rate notes at Libor plus 285 bps; $22.5 million of class E-R2 deferrable floating-rate notes at Libor plus 450 bps and $14 million of class F-R2 deferrable floating-rate notes at Libor plus 525 bps.
Citigroup Global Markets Inc. arranged the offering.
CIFC VS Management is the CLO manager.
The maturity on the refinanced notes was extended to January 2031 from the original April 18, 2025 maturity.
The CLO has an extended two-year non-call period and a five-year reinvestment period.
The original CLO priced on Feb. 6, 2014. The CLO sold $372.25 million of class A floating-rate notes at Libor plus 150 bps; $52.75 million of class B-1 floating-rate notes at Libor plus 200 bps; $20 million of 4.57% class B-2 fixed-rate notes; $47.5 million of class C deferrable floating-rate notes at Libor plus 280 bps; $31.75 million of class D deferrable floating-rate notes at Libor plus 325 bps; $30 million of class E deferrable floating-rate notes at Libor plus 450 bps; $14.25 million of class F deferrable floating-rate notes at Libor plus 525 bps and $54.5 million of subordinated notes.
The CLO was refinanced for the first time on April 18, 2017.
Proceeds from the second refinancing deal were used to redeem the class A-R, B-1-R, B-2-R and C-R notes repriced in 2017 and the original class D, E and F notes priced in 2014.
New York City-based investment adviser CIFC VS Management is is a subsidiary of CIFC Corp.
| Issuer: | CIFC Funding 2014, Ltd./CIFC Funding 2014, LLC
|
| Amount: | $568.5 million refinancing
|
| Maturity: | January 2031
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Citigroup Global Markets Inc.
|
| Manager: | CIFC VS Management LLC
|
| Call feature: | Two years
|
| Settlement date: | Jan. 18
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class X notes
|
| Amount: | $6 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 60 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class A-1-R2 notes
|
| Amount: | $369.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 110 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class A-2-R2 notes
|
| Amount: | $23 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 120 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class B-R2 notes
|
| Amount: | $66.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 140 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R2 notes
|
| Amount: | $35.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 185 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R2 notes
|
| Amount: | $31.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 285 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R2 notes
|
| Amount: | $22.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 450 bps
|
| Rating: | S&P: BB-
|
|
|
| Class F-R2 notes
|
| Amount: | $14 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 525 bps
|
| Ratings: | S&P: B-
|
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