Chicago, March 5 – CVC Credit Partners Group Ltd. repriced €409 million from the CVC Cordatus Loan Fund IV Ltd. collateralized loan obligation transaction due Feb. 22, 2034, according to a release.
The repricing includes the €1 million of class X senior secured floating-rate notes at Euribor plus 30 basis points, €273 million of class A-R senior secured floating-rate notes at Euribor plus 83 bps, €31.8 million of class B-1-R senior secured floating-rate notes at Euribor plus 130 bps and €11.2 million of class B-2-R 1.7% senior secured fixed-rate notes.
Also part of the refinancing are €25.8 million of class C-R senior secured deferrable floating-rate notes at Euribor plus 210 bps, €29.9 million of class D-R senior secured deferrable floating-rate notes at Euribor plus 310 bps, €24 million of class E-R senior secured deferrable floating-rate notes at Euribor plus 586 bps and €12.3 million of class F-R senior secured deferrable floating-rate notes at Euribor plus 806 bps.
Proceeds from the refinancing notes will be used to refinance the class A, class B-1, class B-2, class C and class D notes which were refinanced in March 2019 and April 2017, and class E notes and class F notes which were refinanced in March 2019 and originally issued on Dec. 17, 2014.
A separate €44 million of subordinated notes from the original transaction will remain outstanding.
Collateral for the portfolio mostly comes from senior secured loans or senior secured bonds.
CVC Credit Partners will continue to manage the portfolio through the end of the four-year reinvestment period.
The credit management arm of London-based private equity firm CVC Capital Partners Ltd. manages U.S. and European CLOs.
| Issuer: | CVC Cordatus Loan Fund IV Ltd.
|
| Amount: | €409 million
|
| Maturity: | Feb. 22, 2034
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| Securities: | Fixed-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Manager: | CVC Credit Partners Group Ltd.
|
| Announcement date: | March 5
|
|
|
| Class X notes
|
| Amount: | €1 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 30 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A-R notes
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| Amount: | €273 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 83 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class B-1-R notes
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| Amount: | €31.8 million
|
| Securities: | Senior secured floating-rate notes
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| Coupon: | Euribor plus 130 bps
|
| Rating: | Moody's: Aa2
|
|
|
| Class B-2-R notes
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| Amount: | €11.2 million
|
| Securities: | Senior secured fixed-rate notes
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| Coupon: | 1.7%
|
| Rating: | Moody's: Aa2
|
|
|
| Class C-R notes
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| Amount: | €25.8 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 210 bps
|
| Rating: | Moody's: A2
|
|
|
| Class D-R notes
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| Amount: | €29.9 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 310 bps
|
| Rating: | Moody's: Baa3
|
|
|
| Class E-R notes
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| Amount: | €24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 586 bps
|
| Rating: | Moody's: Ba3
|
|
|
| Class F-R notes
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| Amount: | €12.3 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 806 bps
|
| Rating: | Moody's: B3
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