RBS Said to Raise $464 Million CLO for CIFC Asset Management
The fund includes a $280 million slice rated AAA by Standard & Poor’s that has a coupon of 144 basis points more than the London interbank offered rate, said the people, who asked not to be identified because the terms are private. Libor is the rate at which banks say they can borrow in dollars from each other. PNC Capital Markets LLC was a co-arranger of the deal, the people said.
CLOs are a type of collateralized debt obligation that pool high-yield, high-risk loans and slice them into securities of varying risk and return.
Ed Canaday, an RBS spokesman, declined to comment. Peter Gleysteen, CIFC’s chief executive officer, didn’t return a telephone call seeking comment.
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