NEW YORK, Nov. 02, 2015 (GLOBE NEWSWIRE) -- CIFC Corp. (NASDAQ:CIFC) (“CIFC”) today announced the closing of its previously announced offering of $40 million aggregate principal amount of unsecured senior notes due 2025. The notes will pay interest semi-annually at a rate of 8.50% per annum and will be non-callable for five years.
CIFC intends to use the proceeds from the offering, together with short-term investments and cash currently on its balance sheet, to comply with its future risk retention obligations and for general corporate purposes, including possible acquisitions.
“We are very pleased to bolster our existing balance sheet resources with attractively priced ten year financing that enables us to maintain flexibility around how we choose to finance our risk retention obligations that will likely begin in 2016,” said Steve Vaccaro, Chief Investment Officer and Co-President of CIFC.
Standard & Poor’s Ratings Services has assigned a rating of BB- to the notes.
Sandler O’Neill + Partners, L.P. acted as initial purchaser and sole manager for the offering.
About the Company
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 approximately $14.0 billion in assets. For more information, please visit CIFC's website at www.cifc.com.
Forward-Looking Statements
This release may contain 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 which reflect CIFC's or its management’s intentions, beliefs, expectations, predictions and current views with respect to, among other things, CIFC's operations and financial performance. You can identify these forward-looking statements by the use of words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” “forecasts” or the negative version of these words or other similar or comparable words. Such forward-looking statements are subject to various risks, uncertainties and assumptions. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. CIFC undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.