By Cristal Cody
Tupelo, Miss., Nov. 9 – CIFC Asset Management LLC priced a new $510.5 million collateralized loan obligation transaction, according to a market source.
CIFC Funding 2015-V, Ltd./CIFC Funding 2015-V, LLC printed $320 million of class A-1 floating-rate notes at Libor plus 155 basis points, $31.5 million of class A-2 floating-rate notes at Libor plus 230 bps and $25 million of class A-2L loans at Libor plus 230 bps.
The CLO sold $31.75 million of class B floating-rate notes at Libor plus 315 bps; $19.5 million of class C floating-rate notes at Libor plus 395 bps; $32 million of class D floating-rate notes at Libor plus 630 bps and $50.75 million of subordinated notes.
Credit Suisse Securities (USA) LLC was the placement agent.
The CLO will be managed by CIFC Asset Management.
CIFC Asset Management has priced five CLO offerings and refinanced one vintage CLO deal year to date.
The New York-based credit manager priced four CLOs in 2014.
| Issuer: | CIFC Funding 2015-V, Ltd./CIFC Funding 2015-V, LLC
|
| Amount: | $510.5 million
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Credit Suisse Securities (USA) LLC
|
| Manager: | CIFC Asset Management LLC
|
| Pricing date: | Oct. 30
|
|
|
| Class A-1 notes
|
| Amount: | $320 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 155 bps
|
| Ratings: | Moody’s: Aaa expected
|
| Fitch: AAA expected
|
|
|
| Class A-2 notes
|
| Amount: | $31.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 230 bps
|
| Rating: | Moody’s: Aa2 expected
|
|
|
| Class A-2L loans
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| Amount: | $25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 230 bps
|
| Rating: | Moody’s: Aa2 expected
|
|
|
| Class B notes
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| Amount: | $31.75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 315 bps
|
| Rating: | Moody’s: A3 expected
|
|
|
| Class C notes
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| Amount: | $19.5 million
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| Securities: | Floating-rate notes
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| Coupon: | Libor plus 395 bps
|
| Rating: | Moody’s: Baa3 expected
|
|
|
| Class D notes
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| Amount: | $32 million
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| Securities: | Floating-rate notes
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| Coupon: | Libor plus 630 bps
|
| Rating: | Moody’s: Ba3 expected
|
|
|
| Equity
|
| Amount: | $50.75 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
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