By Cristal Cody
Tupelo, Miss., May 9 – CIFC CLO Management II LLC priced $814.63 million of notes due April 20, 2031 in the CIFC Funding 2018-II, Ltd./CIFC Funding 2018-II, LLC broadly syndicated CLO transaction, according to a market source.
The CLO sold $520 million of class A-1 floating-rate notes at Libor plus 104 basis points; $84.5 million of class A-2 floating-rate notes at Libor plus 160 bps; $42 million of class B floating-rate notes at Libor plus 185 bps; $52.5 million of class C floating-rate notes at Libor plus 285 bps; $37.3 million of class D floating-rate notes at Libor plus 585 bps and $78.33 million of subordinated notes.
Citigroup Global Markets Inc. was the placement agent.
CIFC CLO Management II will manage the CLO.
The deal has a two-year non-call period and a five-year reinvestment period.
Proceeds will be used to purchase a portfolio of mostly first-lien senior secured leveraged loans.
The CLO is backed primarily by broadly syndicated first-lien senior secured loans.
CIFC has priced two new CLOs and refinanced one vintage CLO year to date.
New York City-based investment adviser CIFC CLO Management is an affiliate of CIFC Asset Management LLC.
| Issuer: | CIFC Funding 2018-II, Ltd./CIFC Funding 2018-II, LLC
|
| Amount: | $814.63 million
|
| Maturity: | April 20, 2031
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | CIFC CLO Management II LLC
|
| Call feature: | Two years
|
| Pricing date: | April 24
|
| Settlement date: | May 31
|
|
|
| Class A-1 notes
|
| Amount: | $520 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 104 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $84.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Rating: | Non-rated
|
|
|
| Class B notes
|
| Amount: | $42 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 185 bps
|
| Rating: | Non-rated
|
|
|
| Class C notes
|
| Amount: | $52.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 285 bps
|
| Rating: | Non-rated
|
|
|
| Class D notes
|
| Amount: | $37.3 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 585 bps
|
| Rating: | Non-rated
|
|
|
| Equity
|
| Amount: | $78.33 million
|
| Securities: | Subordinated notes
|
| Rating: | Non-rated
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
