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CIFC prices $814.63 million CLO; Europe deal refinancings steady; CSAM plans 2016 reset
By Cristal Cody
Tupelo, Miss., May 9 CIFC CLO Management II LLC priced $814.63 million of notes in the managers second new CLO transaction of the year.
CLO managers have priced about $35 billion of new CLOs year to date, according to market sources.
In the European CLO market, refinancings remain steady with more than 5 billion of euro-denominated CLOs repriced so far in 2018.
Credit Suisse Asset Management Ltd. plans to price 472.15 million of notes in a refinancing and reset of a vintage 2016 Cadogan Square CLO VII BV deal, according to market sources.
In the original transaction issued May 16, 2016, Cadogan Square CLO VII sold 241 million of class A senior secured floating-rate notes at Euribor plus 150 basis points; 44 million of class B senior secured floating-rate notes at Euribor plus 210 bps; 28 million of class C senior secured deferrable floating-rate notes at Euribor plus 300 bps; 17.5 million of class D senior secured deferrable floating-rate notes at Euribor plus 475 bps; 27.5 million of class E senior secured deferrable floating-rate notes at Euribor plus 600 bps and 53.65 million of class M subordinated notes.
The original CLO notes will be redeemed on May 25.
Investcorp Credit Management EU Ltd. also is refinancing 467.3 million of notes from the 2016 Harvest CLO XV DAC transaction with the notes set for redemption on May 22.
CIFC places 2018-II CLO
CIFC CLO Management II 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 bps in the senior tranche.
Citigroup Global Markets Inc. was the placement agent.
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.
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