CVC prices $716.5 million CLO in manager’s second deal of year; secondary volume thins

By Cristal Cody

Eureka Springs, Ark., Oct. 7 – CVC Credit Partners, LLC tapped the CLO primary market with a $716.5 million transaction.

The deal brings year-to-date CLO volume to more than $54 billion, according to Prospect News data.

Securitized secondary market volume has been mostly light over the week.

On Thursday, $41.9 million of high-grade CBO/CDO/CLO issues and $179.18 million of non-investment-grade CBO/CDO/CLO securities traded, according to Trace.

Volume was stronger on Wednesday with $199.3 million of high-grade issues and $179.5 million of non-investment-grade securities traded.

On Monday, $35.6 million of high-grade CBO/CDO/CLO issues and $86.55 million of non-investment-grade CBO/CDO/CLO securities traded, while Tuesday’s session saw $51.53 million of high-grade issues and $74.9 million of non-investment-grade securities traded.

CVC Credit Partners priced $716.5 million of notes due Oct. 20, 2028 in the Volcker-compliant CLO deal, according to a market source.

Apidos CLO XXV/Apidos CLO XXV LLC sold $451.5 million of class A-1 floating-rate notes at Libor plus 146 basis points, $65 million of class A-2A floating-rate notes at Libor plus 180 bps and $8.5 million of 3.07% class A-2B fixed-rate notes in the senior tranches.

BofA Merrill Lynch was the placement agent.

Proceeds will be used to purchase a portfolio of about $700 million of mostly senior secured leveraged loans.

CVC Credit Partners has priced two CLO deals year to date.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.