CLO deal pipeline fills; CVC Credit Partners preps $409 million CLO; 3i to tap Europe

By Cristal Cody

Eureka Springs, Ark., July 15 – Primary action is expected in the weeks ahead for both the U.S. and European CLO markets, according to market sources on Friday.

In the U.S. primary market, CVC Credit Partners, LLC plans to bring its first CLO deal of the year.

3i Debt Management Investments Ltd. is in the European deal pipeline with a €411 million offering.

CVC to sell $409 million

CVC Credit Partners plans to price $409 million of notes due July 20, 2027 in the CLO transaction, according to a market source.

The Apidos CLO XXIV/Apidos CLO XXIV LLC deal includes $248 million of class A-1 senior secured floating-rate notes (/AAA/); $50 million of class A-2 senior secured floating-rate notes; $32 million of class B deferrable floating-rate notes; $20 million of class C deferrable floating-rate notes; $18 million of class D deferrable floating-rate notes and $41 million of subordinated notes.

BofA Merrill Lynch is the placement agent.

The deal is backed primarily by broadly syndicated senior secured term loans.

The transaction is expected to close on Aug. 25.

CVC Credit Partners was last in the primary market in 2015 with three new CLO deals and one CLO refinancing transaction.

The subsidiary of London-based CVC Capital Partners Ltd. is based in New York City.

3i offers €411 million

3i Debt Management Investments plans to price €411 million of notes due Oct. 15, 2029 in the CLO offering, according to a market source.

The Harvest CLO XVI DAC deal includes €235 million of class A floating-rate notes (/AAA/); €60 million of class B floating-rate notes (/AA/); €23 million of class C floating-rate notes (/A/); €21 million of class D floating-rate notes (/BBB/); €21 million of class E floating-rate notes (/BB/); €10 million of class F floating-rate notes (/B/) and €41 million of subordinated notes.

Credit Suisse Securities (Europe) Ltd. is the placement agent.

The CLO is backed by broadly syndicated senior secured loans.

The transaction is expected to close on Sept. 14.

3i Debt Management has priced one euro-denominated CLO year to date.

The affiliate of London-based 3i Group plc sold three euro-denominated CLO deals in 2015.

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