This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

CIFC Corp. Announces The Close Of Its Strategic Transaction With GE Capital's Bank Loan Business

NEW YORK, Sept. 24, 2012 /PRNewswire/ -- CIFC Corp. (NASDAQ: DFR) ("CIFC") entered into a 5 year strategic relationship with GE Capital's Bank Loan business, pursuant to which:
  • 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.

(Logo: http://photos.prnewswire.com/prnh/20111114/NY06218LOGO )

CIFC's Peter Gleysteen said:  "We are excited to have finalized this strategic alliance and to officially start pursuing new opportunities the combination presents to us, including new investments for investors.  Partnering with GE Capital uniquely positions CIFC at the intersection of GE Capital's business as a leading corporate lender and our loan asset management platform."

GE Capital's Neeraj Mehta stated: "We are excited to now be a meaningful shareholder in CIFC and look forward to working together." 

Berkshire Capital Securities advised CIFC in the transaction.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 17,730.11 -27.80 -0.16%
S&P 500 2,076.78 -0.64 -0.03%
NASDAQ 5,009.2140 -3.9090 -0.08%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs