In a recent transaction, Corebridge Financial, Inc. has significantly increased its holdings in Cliffwater Corporate Lending Fund (NASDAQ:CCLFX), purchasing various series of senior secured notes valued at over $24 million.
The series of transactions took place on July 15, 2024, and involved the acquisition of senior secured notes with varying interest rates and maturity dates. The purchased notes include the 5.44% Series B Senior Secured Notes due in 2025, the 5.50% Series C Senior Secured Notes due in 2026, the 5.61% Series E Senior Secured Notes due in 2027, the 7.10% Series I Senior Secured Notes due in 2027, and the 6.75% Series K Senior Secured Notes due in 2026.
According to the SEC filing, the largest single acquisition was for the 7.10% Series I Senior Secured Notes, for which Corebridge Financial exchanged a combination of other securities and cash estimated at $7,558,187.83, resulting in a principal amount holding of $60,000,000.00 post-transaction. Similarly, significant purchases were made for the 5.61% Series E and 5.50% Series C notes, with estimated exchange values of $5,228,936.49 and $4,190,469.36, respectively.
These notes are held through various subsidiaries of Corebridge Financial, including American General Life Insurance Company (AGLIC) and The United States Life Insurance Company in the City of New York (USL), among others. The transactions were managed by Corebridge Institutional Investments (U.S.), LLC, another subsidiary of Corebridge Financial.
The strategic acquisition of these notes by Corebridge Financial demonstrates the company's active management of its investment portfolio and commitment to securing attractive fixed-income securities. Investors in Corebridge Financial and Cliffwater Corporate Lending Fund may view these transactions as a sign of Corebridge Financial's confidence in the long-term value of these securities.
The SEC filing was signed by Christine Nixon, an authorized signatory of Corebridge Financial, Inc., and filed pursuant to Section 30(h) of the Investment Company Act of 1940.
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