- A commercial council comprised of senior members of both GE Capital and CIFC was formed and will meet regularly to assist in the exploration of business opportunities between the two firms, and to facilitate third party investment advisory referrals. Peter Gleysteen, Chief Executive Officer of CIFC, and Neeraj Mehta, a GE Officer, are slated to serve as co-chairs of the commercial council.
- GE Capital Debt Advisors LLC, a wholly-owned indirect subsidiary of GE Capital, is exiting its third party investment advisory business, and assigned its role as manager of four "Navigator" collateralized loan obligation funds representing approximately $700 million in AUM to CIFC Asset Management LLC, a wholly-owned subsidiary of CIFC.
- GE Capital received 1 million shares of CIFC common stock, warrants to purchase two million shares of a newly created class of CIFC non-voting, convertible preferred stock, and $4.88 million in cash less certain accrued amounts from CIFC;
- GE Capital has the right to appoint a director to CIFC's Board of Directors.
CIFC Corp. Announces The Close Of Its Strategic Transaction With GE Capital's Bank Loan Business
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