By Cristal Cody
Tupelo, Miss., July 2 – Chicago Fundamental Investment Partners, LLC sold $428 million of notes due July 18, 2031 in the new CFIP CLO 2018-1, Ltd./CFIP CLO 2018-1, LLC transaction, according to a market source.
The CLO priced $2.25 million of class X floating-rate notes at Libor plus 75 basis points; $273 million of class A floating-rate notes at Libor plus 115 bps; $46.2 million of class B floating-rate notes at Libor plus 205 bps; $25.2 million of class C deferrable floating-rate notes at Libor plus 245 bps; $25.2 million of class D deferrable floating-rate notes at Libor plus 324 bps; $16.8 million of class E deferrable floating-rate notes at Libor plus 635 bps and $39.35 million of subordinated notes.
Wells Fargo Securities LLC was the placement agent.
Chicago Fundamental Investment Partners will manage the CLO.
The CLO has a two-year non-call period and a five-year reinvestment period.
The deal is backed primarily by broadly syndicated senior secured corporate loans.
Chicago Fundamental Investment Partners priced one new CLO and refinanced one vintage CLO in 2017.
The asset management firm is based in Chicago.
| Issuer: | CFIP CLO 2018-1, Ltd./CFIP CLO 2018-1, LLC
|
| Amount: | $428 million
|
| Maturity: | July 18, 2031
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Wells Fargo Securities LLC
|
| Manager: | Chicago Fundamental Investment Partners, LLC
|
| Call feature: | Two years
|
| Pricing date: | June 29
|
| Settlement date: | July 25
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class X notes
|
| Amount: | $2.25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 75 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A notes
|
| Amount: | $310 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 115 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $46.2 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 205 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $25.2 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 245 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $25.2 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 324 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $16.8 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 635 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $39.35 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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