By Cristal Cody
Tupelo, Miss., March 24 – Credit Value Partners, LLC refinanced $330.25 million of floating-rate notes due Jan. 16, 2026 in three tranches at par from the vintage 2013 CVP Cascade CLO-1 Ltd. deal, a market source said.
The CLO sold $255.25 million of class A-1-R floating-rate notes at Libor plus 115 basis points, $40.5 million of class A-2-R floating-rate notes at Libor plus 165 bps and $34.5 million of class B-R floating-rate notes at Libor plus 250 bps.
Credit Suisse Securities (USA) LLC arranged the transaction.
The CLO manager is Credit Value Partners.
In the original CLO offering priced in December 2013, the issuer priced $255.25 million of class A-1 floating-rate notes at Libor plus 145 bps, $40.5 million of class A-2 floating-rate notes at Libor plus 185 bps and $34.5 million of class B floating-rate notes at Libor plus 270 bps.
The class C, D and E floating-rate notes were not included in the refinancing.
Proceeds will be used to redeem the original notes.
Credit Value Partners is a Greenwich, Conn.-based investment firm.
| Issuer: | CVP Cascade CLO-1 Ltd.
|
| Amount: | $330.25 million
|
| Maturity: | Jan. 16, 2026
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Credit Suisse Securities (USA) LLC
|
| Manager: | Credit Value Partners, LLC
|
| Pricing date: | March 15
|
| Refinancing date: | April 4
|
|
|
| Class A-1-R notes
|
| Amount: | $255.25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 115 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa expected
|
| S&P: AAA
|
|
|
| Class A-2-R notes
|
| Amount: | $40.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Price: | Par
|
| Rating: | S&P: AA
|
|
|
| Class B-R notes
|
| Amount: | $34.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 250 bps
|
| Price: | Par
|
| Rating: | S&P: A
|
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