CIFC European Funding CLO III DAC: 22 January 2021
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 Asset Management Europe Ltd. CIFC is an indirect subsidiary of CIFC CLO Strategic Partners LP. The firm has over U.S.$27 billion in assets under management from corporate credit-based products as of 30 September 2020 and serves more than 300 institutional investors globally.
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; other than in the case of a Corporate Rescue Loan (which shall have a rating as determined by the definition of "Moody's Rating" and "Fitch Rating" as applicable), it is an obligation which has a Moody's Rating of "Caa3" or higher and a Fitch Rating of "CCC-" or higher; 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 90.0% 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 Asset Management Europe Ltd, in its capacity as the originator, will 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 of not less than 5% of the nominal value of each Class of Notes then outstanding within the meaning of Articles 6(1) and 6(3)(a) of the EU/UK Securitisation Regulation.
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.