By Cristal Cody
Tupelo, Miss., Sept. 7 – CVC Credit Partners Group Ltd. priced €465.85 million of notes due Oct. 15, 2031 in the CVC Cordatus Loan Fund XI DAC transaction that closed on Friday, according to a market source.
The deal included €271,125,000 of class A senior secured floating-rate notes (Aaa//AAA); €22.5 million of class B-1 senior secured floating-rate notes (Aa2//AA); €24.75 million of class B-2 senior secured fixed-rate notes (Aa2//AA); €31.5 million of class C senior secured deferrable floating-rate notes (A2//A); €22.5 million of class D senior secured deferrable floating-rate notes (Baa2//BBB); €30,375,000 of class E senior secured deferrable floating-rate notes (Ba2//BB); €14,625,000 of class F senior secured deferrable floating-rate notes (B2//B-) and €48,475,000 of subordinated notes.
Final pricing details were not immediately available.
Barclays was the placement agent.
CVC Credit Partners European CLO Management LLP is the CLO manager.
The CLO has a two-year non-call period and a 4.5-year reinvestment period.
The issue is backed primarily by euro-denominated senior secured loans and bonds.
CVC is the credit management arm of London-based private equity firm CVC Capital Partners Ltd.
| Issuer: | CVC Cordatus Loan Fund XI DAC
|
| Amount: | €465.85 million
|
| Maturity: | Oct. 15, 2031
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays
|
| Manager: | CVC Credit Partners European CLO Management LLP
|
| Call feature: | Two years
|
| Settlement date: | Sept. 7
|
|
|
| Class A-1 notes
|
| Amount: | €271,125,000
|
| Securities: | Senior secured floating-rate notes
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | €22.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class B-2 notes
|
| Amount: | €24.75 million
|
| Securities: | Senior secured fixed-rate notes
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class C notes
|
| Amount: | €31.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Ratings: | Moody’s: A2
|
| Fitch: A
|
|
|
| Class D notes
|
| Amount: | €22.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Ratings: | Moody’s: Baa2
|
| Fitch: BBB
|
|
|
| Class E notes
|
| Amount: | €30,375,000
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Ratings: | Moody’s: Ba2
|
| Fitch: BB
|
|
|
| Class F notes
|
| Amount: | €14,625,000
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Ratings: | Moody’s: B2
|
| Fitch: B-
|
|
|
| Equity
|
| Amount: | €48,475,000
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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