By Cristal Cody
Tupelo, Miss., Aug. 5 – CIFC Asset Management LLC priced $443.8 million of notes due Aug. 24, 2032 in the manager’s second new broadly syndicated collateralized loan obligation offering of 2020, according to a market source.
CIFC Funding 2020-II, Ltd./CIFC Funding 2020-II, LLC sold $262 million of class A-1 floating-rate notes at Libor plus 165 basis points, $21.5 million of class A-2 floating-rate notes at Libor plus 190 bps and $55 million of class B floating-rate notes at Libor plus 220 bps.
CIFC also priced $26 million of class C floating-rate notes at Libor plus 270 bps, $28 million of class D floating-rate notes at Libor plus 425 bps, $14.1 million of class E floating-rate notes at Libor plus 763.5 bps and $37.2 million of subordinated notes.
RBC Capital Markets, LLC was the placement agent.
The CLO has a one-year non-call period and a three-year reinvestment period.
The offering is backed primarily by broadly syndicated first-lien senior secured loans.
CIFC has priced two new CLOs year to date. The firm priced six new CLOs in 2019.
The investment adviser is based in New York.
| Issuer: | CIFC Funding 2020-II, Ltd./CIFC Funding 2020-II, LLC
|
| Amount: | $443.8 million
|
| Maturity: | Aug. 24, 2032
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | RBC Capital Markets, LLC
|
| Manager: | CIFC Asset Management LLC
|
| Call feature: | One year
|
| Settlement date: | Aug. 24
|
|
|
| Class A-1 notes
|
| Amount: | $262 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Ratings: | Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $21.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Ratings: | Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $55 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 220 bps
|
| Ratings: | Non-rated
|
|
|
| Class C notes
|
| Amount: | $26 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 270 bps
|
| Ratings: | Non-rated
|
|
|
| Class D notes
|
| Amount: | $28 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 425 bps
|
| Ratings: | Non-rated
|
|
|
| Class E notes
|
| Amount: | $14.1 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 763.5 bps
|
| Ratings: | Non-rated
|
|
|
| Equity
|
| Amount: | $37.2 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
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