CIFC prices $498.3 million CLO; First Eagle, MJX, CVC refinance notes; inflows dip

By Cristal Cody

Tupelo, Miss., Oct. 23 – CIFC Asset Management LLC closed Friday on a new $498.3 million broadly syndicated CLO in the manager’s third deal of 2020.

Meanwhile, refinancing of fixed-rate CLO tranches continues.

MJX Asset Management LLC priced $110.53 million of fixed-rate notes in two tranches in a refinancing of a 2018 CLO.

CVC Credit Partners, LLC priced $25 million of notes in a partial second refinancing of a vintage 2015 CLO offering.

Also, First Eagle Alternative Credit, LLC priced $19.99 million of notes in a third partial refinancing of the Wind River 2014-3 CLO Ltd./Wind River 2014-3 CLO LLC deal.

More than $60 billion of new CLOs and over $30 billion of refinanced CLOs have been in the primary market year to date, sources report.

In other activity, leveraged loan funds saw $76.2 million of inflows over the past week ended Wednesday, down from $181 million of inflows in the prior week, according to a Fitch Ratings report.

Year-to-date net outflows total $19.9 billion.

CIFC prices CLO 2020-III

CIFC Asset Management priced $498.3 million of notes due Oct. 20, 2031 in the new issue, according to market sources.

CIFC Funding 2020-III, Ltd./CIFC Funding 2020-III, LLC sold $300 million of class A-1 floating-rate notes at Libor plus 135 basis points at the top of the capital stack.

Citigroup Global Markets Inc. was the placement agent.

The offering is backed primarily by broadly syndicated first-lien senior secured loans.

CIFC has priced three new CLOs year to date. The firm brought six new CLOs to the market in 2019.

The investment adviser is based in New York.

MJX reprices

MJX Asset Management priced $110,525,000 of fixed-rate notes due Oct. 22, 2031 in a refinancing of two tranches from the Venture 35 CLO, Ltd./Venture 35 CLO, LLC transaction, according to market sources.

The CLO priced $80 million of 1.95% class A-FR senior secured fixed-rate notes (Aaa) in the senior tranche.

Venture 35 previously sold $80 million of 4.4% class A-F notes as part of the original CLO offering issued on Nov. 14, 2018.

Jefferies LLC arranged the transaction.

The CLO is backed primarily by broadly syndicated first-lien senior secured corporate loans.

The asset management firm is based in New York City.

CVC refinances $25 million

CVC Credit Partners priced $25 million of notes due July 16, 2031 in a partial second refinancing of Apidos CLO XX/Apidos CLO XX LLC, according to market sources.

Apidos CLO XX sold $25 million of 1.589% class A-1RR-B fixed-rate notes (//AAA).

Barclays was the refinancing agent.

The CLO originally was issued on Feb. 12, 2015 and was first refinanced on July 16, 2018.

In the first refinancing, $25 million of class A-1R-B notes were priced with a 4.01% coupon.

The CLO is backed primarily by broadly syndicated first-lien senior secured corporate loans.

The subsidiary of London-based CVC Capital Partners Ltd. is based in New York City.

First Eagle reprices

First Eagle Alternative Credit priced $19,993,322 of notes due Oct. 22, 2031 in a third partial refinancing of the Wind River 2014-3 CLO transaction, according to market sources.

The CLO sold $20 million of 2% class A-1b-2R senior secured fixed-rate notes (Aaa/AAA).

Citigroup was the refinancing agent.

The CLO was originally issued on Jan. 29, 2015 and was first refinanced on June 6, 2017 and Oct. 3, 2018.

The deal is backed primarily by broadly syndicated first-lien senior secured corporate loans.

Boston-based First Eagle is an alternative credit management firm.

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