By Cristal Cody
Tupelo, Miss., Feb. 12 – Credit Value Partners LP sold $408.75 million of notes due Jan. 30, 2027 in the CVP Cascade CLO-3 Ltd./CVP Cascade CLO-3 LLC offering, according to a market source.
The CLO priced $258 million of class A-1 floating-rate notes at Libor plus 170 basis points; $5 million of class A-X floating-rate notes at Libor plus 140 bps; $43 million of class B floating-rate notes at Libor plus 250 bps; $30 million of class C deferrable floating-rate notes at Libor plus 350 bps; $20 million of class D deferrable floating-rate notes at Libor plus 419 bps; $17 million of class E deferrable floating-rate notes at Libor plus 597 bps and $35.5 million of subordinated notes.
Jefferies LLC was the placement agent.
CVP CLO Manager, LLC will manage the CLO.
The non-call period ends Oct. 30, 2016. The reinvestment period ends Jan. 30. 2019.
The CLO is backed primarily by broadly syndicated senior secured corporate loans.
Greenwich, Conn.-based Credit Value Partners priced one CLO transaction in 2014.
| Issuer: | CVP Cascade CLO-3 Ltd./CVP Cascade CLO-3 LLC
|
| Amount: | $408.5 million
|
| Maturity: | Jan. 30, 2027
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Jefferies LLC
|
| Manager: | CVP CLO Manager, LLC
|
| Call feature: | Oct. 30, 2016
|
| Pricing date: | Jan. 22
|
|
|
| Class A-1 notes
|
| Amount: | $258 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Rating: | Standard & Poor’s: AAA
|
|
|
| Class A-X notes
|
| Amount: | $5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 140 bps
|
| Rating: | Standard & Poor’s: AAA
|
|
|
| Class B notes
|
| Amount: | $43 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 250 bps
|
| Rating: | Standard & Poor’s: AA
|
|
|
| Class C notes
|
| Amount: | $30 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 350 bps
|
| Rating: | Standard & Poor’s: A
|
|
|
| Class D notes
|
| Amount: | $20 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 419 bps
|
| Rating: | Standard & Poor’s: BBB
|
|
|
| Class E notes
|
| Amount: | $17 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 597 bps
|
| Rating: | Standard & Poor’s: BB
|
|
|
| Equity tranche
|
| Amount: | $35.5 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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