By William Gullotti
Buffalo, N.Y., May 28 – CIFC Asset Management LLC announced a refinancing of $507.46 million of notes and loans in the collateralized loan obligation transaction that lists CIFC Funding 2019-II Ltd./CIFC Funding 2019-II LLC as co-issuers, according to a pre-sale report.
The portfolio has an April 17, 2034 maturity date.
The CLO includes $0 million of class A-N senior secured floating-rate notes at Libor plus 104 basis points, $248.53 million of class A-L senior secured floating-rate loans at Libor plus 104 bps, $61.47 million of class A-R senior secured floating-rate notes at Libor plus 104 bps, $0 million of class B-N senior secured floating-rate notes at Libor plus 150 bps, $18 million of class B-L senior secured floating-rate loans at Libor plus 150 bps and $52 million of class B-R senior secured floating-rate notes at Libor plus 150 bps.
Lower, there are $30 million of class C-R senior secured deferrable floating-rate notes at Libor plus 210 bps, $30 million of class D-R senior secured deferrable floating-rate notes at Libor plus 300 bps and $17.5 million of class E-R senior secured deferrable floating-rate notes at Libor plus 659 bps.
There are also $49.96 million of subordinated notes.
The loans in the portfolio are convertible into notes, but cannot be converted back into loans.
Citigroup Global Markets Inc. is the initial purchaser.
CIFC Asset Management will manage the portfolio through April 17, 2026, the end of the reinvestment period.
The notes can be called started April 17, 2023.
The original portfolio had $320 million of class A floating-rate notes at Libor plus 125 basis points; $60 million of class B floating-rate notes at Libor plus 175 bps; $22.75 million of class C floating-rate notes at Libor plus 245 bps, $29.75 million of class D floating-rate notes at Libor plus 360 bps, $28 million of class E floating-rate notes at Libor plus 658 bps and $41.81 million of subordinated notes.
Collateral for the CLO comes mostly from senior secured loans, cash and eligible investments with most borrowers based in the United States.
The investment adviser is based in New York.
| Issuers: | CIFC Funding 2019-II Ltd./CIFC Funding 2019-II LLC
|
| Issue: | Floating-rate notes, floating-rate loans and subordinated notes
|
| Structure: | Cash flow CLO
|
| Amount: | $507.46 million
|
| Maturity: | April 17, 2034
|
| Agent: | Citigroup Global Markets Inc.
|
| Manager: | CIFC Asset Management LLC
|
| Call: | April 17, 2023
|
| Settlement date: | April 30
|
|
|
| Class A-N notes
|
| Amount: | $0 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 104 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-L notes
|
| Amount: | $248.53 million
|
| Securities: | Senior secured floating-rate loans
|
| Coupon: | Libor plus 104 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-R notes
|
| Amount: | $61.47 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 104 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-N notes
|
| Amount: | $0 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 150 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-L notes
|
| Amount: | $18 million
|
| Securities: | Senior secured floating-rate loans
|
| Coupon: | Libor plus 150 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-R notes
|
| Amount: | $52 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 150 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 210 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 300 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R notes
|
| Amount: | $17.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 659 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $49.96 million
|
| Securities: | Subordinated notes
|
|
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