CIFC attracts 23 institutional investors for 2015-1 CLO; WhiteHorse X CLO in deal pipeline

By Cristal Cody

Tupelo, Miss., March 19 – CIFC Corp. announced on Thursday that it closed on a $614.1 million collateralized loan obligation deal that priced on Feb. 20.

The transaction was supported by 23 institutional investors, including some first time investors with CIFC, the company said.

“Our joint marketing efforts allowed us to secure new investors across the capital structure including investment partners in Japan, Korea and Singapore,” Oliver Wriedt, CIFC's co-president said in the release.

CIFC Funding 2015-I, Ltd./CIFC Funding 2015-I, LLC sold nine tranches of notes in the deal, including $340 million of class A-1 senior secured floating-rate notes due April 20, 2027 at Libor plus 152 basis points.

BNP Paribas Securities Corp. arranged the offering.

CIFC Asset Management LLC will manage the CLO.

The proceeds from the transaction will be used to purchase a portfolio of about $550 million of mainly senior secured leveraged loans.

The deal represents about $600 million of new assets under management, CIFC said in the release.

Since 2012, CIFC has sponsored 14 CLOs raising $8 billion in new assets under management.

The New York City-based credit manager brought four CLO deals in 2014.

H.I.G. WhiteHorse plans deal

H.I.G. WhiteHorse Capital, LLC intends to price $512.5 million of notes due 2027 in the WhiteHorse X Ltd./WhiteHorse X LLC CLO offering, according to a market source.

The deal includes $315 million of class A senior secured floating-rate notes (Aaa//); $35.75 million of class B-1 senior secured floating-rate notes (Aa2//); $30 million of class B-2 senior secured fixed-rate notes (Aa2//); $26.75 million of class C deferrable floating-rate notes (A2//); $27.5 million of class D deferrable floating-rate notes (baa3//); $25 million of class E deferrable floating-rate notes (Ba3//); $7.75 million of class F deferrable floating-rate notes (B2//) at Libor plus 625 bps and $44.75 million of subordinated notes.

BofA Merrill Lynch is the placement agent.

H.I.G. WhiteHorse Capital will manage the CLO.

Dallas-based H.I.G. WhiteHorse Capital, the credit affiliate of private equity firm H.I.G. Capital, LLC, brought three CLO transactions in 2014.

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