CIFC European Funding CLO II DAC: 25 April 2020
The assets securing the Notes will consist primarily of a portfolio of Senior Obligations, Mezzanine Obligations and High Yield Bonds, and will be managed by CIFC CLO Management II LLC. CIFC is an indirect subsidiary of CIFC CLO Strategic Partners LP. The firm has $25.0 billion in assets under management from corporate loan based products as of 31 December 2019 and serves more than 300 institutional investors in North America, Europe, Asia and Australia.
Eligibility criteria (includes): it is a Secured Senior Obligation, a Corporate Rescue Loan, an Unsecured Senior Obligation, a Mezzanine Obligation, a Second Lien Loan or a High Yield Bond; it is not a Defaulted Obligation, a Credit Risk Obligation or Equity Security, including any obligation convertible into an Equity Security; it is not a Structured Finance Security, a Letter of Credit or a Synthetic Security; it is not a lease; it is not a Zero Coupon Security, Step-Up Coupon Security or Step-Down Coupon Security; is an obligation of an Obligor or Obligors Domiciled in a Non-Emerging Market Country; is not an obligation of an Obligor or Obligors Domiciled in a country with a Moody's local currency country risk ceiling of "Baa1" or below; it is not a Project Finance Loan; it has a minimum purchase price of 60.0% of the Principal Balance of such Collateral Obligation.
The Issuer anticipates that, by the Issue Date, it will have purchased or committed to purchase Collateral Obligations the Aggregate Principal Balance of which represents approximately 93.75% of the Target Par Amount.
The Notes are being offered by the Issuer through Barclays Bank plc in its capacity as initial purchaser of such Notes subject to prior sale.
EU Risk Retention: CIFC CLO Management II LLC in its capacity as originator will undertake to acquire on the Issue Date and hold on an ongoing basis for so long as any Class of Notes remains outstanding a material net economic interest in the first loss tranche of not less than 5% of the nominal value of the securitised exposures through the purchase and retention of Subordinated Notes with a Principal Amount Outstanding multiplied by the issue price at which such Subordinated Notes were purchased by the Retention Holder which is equal to or greater than 5% of the greater of (i) the Maximum Par Amount and (ii) the Collateral Principal Amount on the relevant date of determination.
US Risk Retention: It has been determined that the U.S. Risk Retention Rules do not apply to the Collateral Manager for purposes of this transaction on the Issue Date and, accordingly, the Collateral Manager will not (nor will any majority-owned affiliate of the Collateral Manager) acquire any risk retention interest contemplated by the U.S. Risk Retention Rules.