CIFC Asset Management is back on the scene with a $600 million collateralized loan obligation, the fourth of the year to be rated by Moody's Investors Service.
The deal, CIFC Funding 2014-IV, will be backed by a portfolio consisting primarily of senior secured loans—97.6% first lien senior secured loans. The pool consists only of corporate debt. The manager expects the portfolio to be approximately 70% ramped at closing.
Fitch Ratings and Moody’s assigned provisional triple-A status to the $378 million class A notes. The notes are being marketed at three-month Libor plus 154 basis points and benefit from a credit enhancement of 37.0%. They will reach final legal maturity in October 2026.
The deal will have a four-year reinvestment period and two-year non-call period, typical of recently marketed CLOs.
Morgan Stanley & Co. is the underwriter.
CIFC Asset Management’s last issuance was in July with $723.15 million CIFC Funding 2014-III. The deal is backed by a revolving pool consisting primarily of broadly syndicated senior secured loans. Standard & Poor’s rated the $437.5 million class A notes AAA.’
CIFC Asset Management is a registered investment advisor founded in 2005. The company manages more than $12.3 billion of corporate credit based products as of March 31, 2014, and manages 29 CLOs.