Primus Guaranty and Commercial Industrial Financial Corp. (CIFC) expect to complete the proposed purchase by CIFC of Primus’ CypressTree Investment Management unit and the CLOs and structured credit funds it manages by the end of the month.

On Sept. 22, the firms had initially said that they had executed a binding letter of intent with regard to the proposed deal. Over the past several weeks, they have conducted the necessary due diligence and legal reviews. When this process is finalized, CIFC will become the owner of CypressTree as well as serve as the manager or sub-advisor of all CLOs and funds that CypressTree manages or sub-advises.

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