Chicago, Dec. 2 – CIFC Asset Management LLC sold $509.5 million in a collateralized loan obligation being issued by CIFC Funding 2021-VI Ltd./CIFC Funding 2021-VI LLC, according to a pre-sale report.
The notes will mature on Oct. 15, 2034.
The CLO consists of $92.25 million of class A senior floating-rate notes at Libor plus 114 basis points, $215.25 million of class A-L senior floating-rate loans at Libor plus 114 bps, $0 million of class A-N senior floating-rate notes at Libor plus 114 bps, $72.5 million of class B senior floating-rate notes at Libor plus 165 bps, $30 million of class C senior floating-rate notes at Libor plus 205 bps, $30 million of class D senior floating-rate notes at Libor plus 310 bps, $20 million of class E senior floating-rate notes at Libor plus 625 bps and $49.5 million of subordinated notes.
The class A-L loans can be converted to class A-N notes on any payment date. The class A-N notes can not be converted back into loans.
CIFC Asset Management LLC will manage the collateral through the end of the reinvestment period on Oct. 15, 2026.
Collateral backing the notes comes from senior secured loans, cash and eligible investments with the majority of the borrowers based in the United States.
The notes can be called starting Oct. 15, 2023.
Citigroup Global Markets Inc. was the placement agent.
| Issuer: | CIFC Funding 2021-VI Ltd./CIFC Funding 2021-VI LLC
|
| Issue: | Floating-rate notes, floating-rate loans and subordinated notes
|
| Amount: | $509.5 million
|
| Maturity: | Oct. 15, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | CIFC Asset Management LLC
|
| Call feature: | Oct. 15, 2023
|
| Settlement date: | Nov. 4
|
|
|
| Class A notes
|
| Amount: | $92.25 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 114 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-L notes
|
| Amount: | $215.25 million
|
| Securities: | Senior floating-rate loans
|
| Coupon: | Libor plus 114 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-N notes
|
| Amount: | $0 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 114 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $72.5 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $30 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 205 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $30 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 310 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $20 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 625 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $49.5 million
|
| Securities: | Subordinated notes
|
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