CIFC Asset Management Closes its Second CLO Refinancing of the Year
NEW YORK, June 5, 2015 /PRNewswire/ -- CIFC Asset Management LLC ("CIFC") announced the closing of the refinancing of CIFC Funding 2012-II, Ltd. ("CIFC 2012-II") today. The transaction was placed by Morgan Stanley, and refinances $662 million of the debt tranches in the capital structure (all but the single-B tranche). CIFC 2012-II is one of the largest refinancings of a CLO 2.0 transaction issued to date. In addition to reducing the financing costs on the transaction's liabilities, the CIFC 2012-II refinancing included, among other changes, amendments that are intended to make the transaction compliant with the Volcker rule.
"We are pleased that the refinancing allowed CIFC 2012-II to benefit from the overall tightening in the CLO liability market and bring the transaction into compliance with the Volcker rule," said Oliver Wriedt, CIFC's Co-President.
This is CIFC's second refinancing transaction to close this year, and follows the refinancing of CIFC Funding 2011-I, Ltd. in January via Nomura.
About CIFC
CIFC is a fundamentals-based, relative-value credit manager investing across CLOs, structured credit and total return portfolios. Headquartered in New York, CIFC is an SEC registered investment adviser and is listed on NASDAQ. The firm currently serves more than 250 institutional investors globally, and manages $14.0 billion in assets. For more information, please visit CIFC's website at www.cifc.com.
Certain statements in this press release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These include statements regarding future results or expectations. Forward-looking statements can be identified by forward-looking language, including words such as "believes," "anticipates," "expects," "estimates," "intends," "may," "plans," "projects," "will" and similar expressions, or the negative of these words. Such forward-looking statements are based on facts and conditions as they exist at the time such statements are made, various operating assumptions and predictions as to future facts and conditions, which may be difficult to accurately make and involve the assessment of events beyond CIFC's control. Caution must be exercised in relying on forward-looking statements. The forward-looking statements in this release are subject to risks and uncertainties, and the other risks related to CIFC's business that are described in its annual report on Form 10-K. The forward-looking statements contained in this press release are made as of the date hereof, and CIFC undertakes no obligation to update any forward-looking statement to reflect subsequent events, new information or circumstances arising after the date hereof.
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SOURCE CIFC Corp.
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