Chicago, Jan. 3 – CIFC Asset Management LLC sold its seventh CLO of 2021 in a $610.35 million collateralized loan obligation being issued by CIFC Funding 2021-VII Ltd./CIFC Funding 2021-VII LLC, according to a pre-sale report.
The notes will mature on Jan. 23, 2035.
The CLO consists of $6 million of class X senior secured floating-rate notes at Libor plus 90 basis points, $100 million of class A-1L senior secured floating-rate notes at Libor plus 113 bps, $266 million of class A1 senior secured floating-rate notes at Libor plus 113 bps, $90 million of class B senior secured floating-rate notes at Libor plus 160 bps, $33 million of class C senior secured deferrable floating-rate notes at Libor plus 200 bps, $38.4 million of class D senior secured deferrable floating-rate notes at Libor plus 300 bps, $22.8 million of class E senior secured deferrable floating-rate notes at Libor plus 635 bps and $54.15 million of subordinated notes.
CIFC Asset Management LLC will manage the collateral through the end of the reinvestment period on Jan. 23, 2027.
Most of the collateral will be senior secured loans, cash and eligible investment with the majority of borrowers based in the United States.
The notes can be called starting Nov. 30, 2023.
Nomura Securities International Inc. was the placement agent.
The credit manager is based in New York.
| Issuer: | CIFC Funding 2021-VII Ltd./CIFC Funding 2021-VII LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $610.35 million
|
| Maturity: | Jan. 23, 2035
|
| Structure: | Cash flow CLO
|
| Placement agent: | Nomura Securities International Inc.
|
| Manager: | CIFC Asset Management LLC
|
| Call feature: | Nov. 30, 2023
|
| Settlement date: | Nov. 30
|
|
|
| Class X notes
|
| Amount: | $6 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 90 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1L notes
|
| Amount: | $100 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 113 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A1 notes
|
| Amount: | $266 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 113 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $90 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $33 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Rating: | S&P: AA
|
|
|
| Class D notes
|
| Amount: | $38.4 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 300 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $22.8 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 635 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $54.15 million
|
| Securities: | Subordinated notes
|
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