By Cristal Cody
Tupelo, Miss., March 24 – Credit Value Partners, LLC refinanced $412.75 million of notes due July 18, 2026 in four tranches at par from the vintage 2014 CVP Cascade CLO-2 Ltd. deal, a market source said.
The CLO sold $316.25 million of class A-1-R floating-rate notes at Libor plus 120 basis points, $38.75 million of class A-2A-R floating-rate notes at Libor plus 165 bps, $20 million of 3.85% class A-2B-R fixed-rate notes and $37.75 million of class B-R floating-rate notes at Libor plus 250 bps.
Credit Suisse Securities (USA) LLC arranged the transaction.
Credit Value Partners will continue to manage the CLO.
The CLO originally priced $316.25 million of class A-1 notes at Libor plus 153 bps, $38.75 million of class A-2A notes at Libor plus 205 bps, $20 million of class A-2B notes with a 4.58% coupon and $37.75 million of class B notes at Libor plus 290 bps.
The class C, D and E floating-rate notes were not included in the refinancing.
Proceeds will be used to redeem the original class A-1, A-2A, A-2B and B notes.
The CLO manager has refinanced two CLOs year to date and was last in the primary market in 2015.
Credit Value Partners is a Greenwich, Conn.-based investment firm.
| Issuer: | CVP Cascade CLO-2 Ltd.
|
| Amount: | $412.75 million
|
| Maturity: | July 18, 2026
|
| Securities: | Fixed- and 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: | $316.25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 120 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa expected
|
| S&P: AAA
|
|
|
| Class A-2A-R notes
|
| Amount: | $38.75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Price: | Par
|
| Rating: | S&P: AA
|
|
|
| Class A-2B-R notes
|
| Amount: | $20 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 3.85%
|
| Price: | Par
|
| Rating: | S&P: AA
|
|
|
| Class B-R notes
|
| Amount: | $37.75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 250 bps
|
| Price: | Par
|
| Rating: | S&P: A
|
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