By Cristal Cody
Tupelo, Miss., Jan. 22 – CIFC Asset Management LLC affiliate CIFC CLO Management LLC refinanced $503.6 million of notes in one tranche from the CIFC Funding 2017-I Ltd./CIFC Funding 2017-I LLC collateralized loan obligation transaction, according to a market source and a notice of executed second supplemental indenture on Tuesday.
The CLO sold $503.6 million of class A-R senior secured floating-rate notes at Libor plus 101 basis points.
Citigroup Global Markets Inc. was the refinancing placement agent.
CIFC CLO Management will continue to manage the CLO.
In the original $815.8 million offering issued March 9, 2017, the CLO sold $503.6 million of the class A senior secured floating-rate notes at Libor plus 136 bps.
The CLO also had priced $92 million of class B senior secured floating-rate notes at Libor plus 170 bps, $4.8 million of class X amortizing senior secured deferrable floating-rate notes at Libor plus 240 bps, $60.4 million of class C mezzanine secured deferrable floating-rate notes at Libor plus 245 bps, $46.4 million of class D mezzanine secured deferrable floating-rate notes at Libor plus 350 bps, $33.6 million of class E junior secured deferrable floating-rate notes at Libor plus 635 bps and $75 million of subordinated notes.
The notes are due April 21, 2029.
The CLO has an extended non-call period to but not including the payment date in January 2021.
The reinvestment period ends April 21, 2021.
Proceeds were used to redeem the outstanding class A tranche.
The CLO is collateralized mainly by broadly syndicated senior secured loans.
CIFC Asset Management is a New York-based credit manager.
| Issuer: | CIFC Funding 2017-I Ltd./CIFC Funding 2017-I LLC
|
| Amount: | $503.6 million refinancing
|
| Maturity: | April 21, 2029
|
| Securities: | Class A-R senior secured floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Citigroup Global Markets Inc.
|
| Manager: | CIFC CLO Management LLC
|
| Call feature: | To but not including payment date in January 2021
|
| Coupon: | Libor plus 101 bps
|
| Settlement date: | Jan. 21
|
| Rating: | S&P: AAA
|
| Distribution: | Rule 144A and Regulation S
|
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