By Cristal Cody
Tupelo, Miss., July 10 – CVC Credit Partners, LLC sold $733.6 million of collateralized loan obligation notes due July 22, 2026 in a deal upsized from $514.05 million, according to an informed source.
Apidos CLO XVIII/Apidos CLO XVIII LLC priced $449.8 million of class A-1 senior secured floating-rate notes (Aaa//AAA) at Libor plus 141 basis points, $71.35 million of class A-2A senior secured floating-rate notes (Aa2) at Libor plus 195 bps and $23 million of 2% class A-2B senior secured fixed-rate notes (Aa2).
The CLO sold $31.3 million of class B deferrable floating-rate notes (A2) at Libor plus 280 bps; $42.7 million of class C deferrable floating-rate notes (Baa3) at Libor plus 365 bps; $39.85 million of class D deferrable floating-rate notes (Ba3) at Libor plus 520 bps and $8 million of class E deferrable floating-rate notes (B2) at Libor plus 600 bps.
The transaction included $67.6 million of subordinated notes in the equity tranche.
J.P. Morgan Securities LLC was the placement agent.
CVC Credit Partners will manage the CLO.
The CLO has a two-year non-call period and a four-year reinvestment period.
Collateral consists primarily of first-lien senior secured loans.
Proceeds from the transaction will be used to purchase a portfolio of leveraged loans.
CVC Credit Partners was most recently in the primary market on March 20 with the $519.25 million Apidos CLO XVII/Apidos CLO XVII LLC deal.
The credit management arm of London-based private equity firm CVC Capital Partners Ltd. priced three CLO transactions in 2013.
| Issuer: | Apidos CLO XVIII/Apidos CLO XVIII LLC
|
| Amount: | $733.6 million
|
| Maturity: | July 22, 2026
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities LLC
|
| Manager: | CVC Credit Partners, LLC
|
| Call feature: | 2016
|
| Pricing date: | June 25
|
| Settlement date: | July 29
|
| Distribution: | Rule 144A
|
|
|
| Class A-1 notes
|
| Amount: | $449.8 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 141 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-2A notes
|
| Amount: | $71.35 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 195 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class A-2B notes
|
| Amount: | $23 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2%
|
| Rating: | Moody’s: Aa2
|
|
|
| Class B notes
|
| Amount: | $31.3 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 280 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class C notes
|
| Amount: | $42.7 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 365 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class D notes
|
| Amount: | $39.85 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 520 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Class E notes
|
| Amount: | $8 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 600 bps
|
| Rating: | Moody’s: B2
|
|
|
| Equity
|
| Amount: | $67.6 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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