CIFC prices $502.31 million; Octagon brings CLO; Tetragon raises $403 million for fund

By Cristal Cody

Tupelo, Miss., March 13 – CIFC CLO Management II LLC priced $502.31 million of notes in the manager’s second CLO offering of the year.

CIFC CLO Management II priced $502.31 million of notes due April 17, 2030 in the CIFC Funding 2019-II, Ltd. broadly syndicated CLO offering, according to a market source.

The CLO sold $320 million of class A floating-rate notes at Libor plus 125 basis points in the AAA-rated tranche.

In addition, Octagon Credit Investors, LLC brought $501.85 million of notes in a new CLO transaction.

CLO managers have priced just under $20 billion of new issues year to date, according to market sources.

Meanwhile, Tetragon Credit Income Partners Ltd. said in a news release on Wednesday that the February close of Tetragon Credit Income III LP brought total commitments to about $430 million for a CLO fund.

The London-based private equity vehicle focuses on CLO investments, including majority stakes in CLO equity tranches.

Tetragon Credit Income said its most recent CLO investment vehicle, Tetragon Credit Income II LP, raised just under $350 million through its final close in 2017.

“The CLO market continues to be a dynamic space presenting many interesting investment opportunities, both near and long-term and across various credit and economic cycles,” Scott Snell, portfolio manager for Tetragon Credit Income, said in the release.

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