By Cristal Cody
Tupelo, Miss., Jan. 3 - Credit Value Partners LP sold $419.35 million of notes due Jan. 16, 2026 in a collateralized loan obligation transaction, according to a market source.
CVP Cascade CLO-1, Ltd./CVP Cascade CLO-1 LLC priced $255.25 million of class A-1 floating-rate notes (Aaa/AAA/) at Libor plus 145 basis points at the top of the capital structure.
The CLO also sold $40.5 million of class A-2 floating-rate notes (/AA/) at Libor plus 185 bps; $34.5 million of class B deferrable floating-rate notes (/A/) at Libor plus 270 bps; $21 million of class C deferrable floating-rate notes (/BBB/) at Libor plus 350 bps; $18.25 million of class D deferrable floating-rate notes (/BB/) at Libor plus 460 bps; $11.25 million of class E deferrable floating-rate notes (/B/) at Libor plus 550 bps and $38.6 million of subordinated notes.
Credit Suisse Securities (USA) LLC arranged the offering.
The CLO is non-callable until Jan. 16, 2016. The reinvestment period ends Jan. 16, 2018.
Collateral on the deal consists of a revolving pool of broadly syndicated senior secured corporate loans.
Credit Value Partners, a Greenwich, Conn.-based investment firm with more than $750 million in regulatory assets under management, will manage the CLO.
Issuer: | CVP Cascade CLO-1, Ltd./CVP Cascade CLO-1 LLC
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Amount: | $419.35 million
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Maturity: | Jan. 16, 2026
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Securities: | Floating-rate and subordinated notes
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Structure: | Cash flow CLO
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Placement agent: | Credit Suisse Securities (USA) LLC
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Manager: | Credit Value Partners LP
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Call feature: | Jan. 16, 2016
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Settlement date: | Jan. 16
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|
Class A-1 notes
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Amount: | $255.25 million
|
Securities: | Floating-rate notes
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Coupon: | Libor plus 145 bps
|
Ratings: | Moody's: Aaa
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| Standard & Poor's: AAA
|
|
Class A-2 notes
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Amount: | $40.5 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 145 bps
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Rating: | Standard & Poor's: AA
|
|
Class B notes
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Amount: | $34.5 million
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Securities: | Deferrable floating-rate notes
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Coupon: | Libor plus 270 bps
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Rating: | Standard & Poor's: A
|
|
Class C notes
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Amount: | $21 million
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Securities: | Deferrable floating-rate notes
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Coupon: | Libor plus 350 bps
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Rating: | Standard & Poor's: BBB
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|
Class D notes
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Amount: | $18.25 million
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Securities: | Deferrable floating-rate notes
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Coupon: | Libor plus 460 bps
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Rating: | Standard & Poor's: BB
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|
Class E notes
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Amount: | $11.25 million
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Securities: | Deferrable floating-rate notes
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Coupon: | Libor plus 550 bps
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Rating: | Standard & Poor's: B
|
|
Equity tranche
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Amount: | $38.6 million
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Securities: | Subordinated notes
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Ratings: | Non-rated
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