By Cristal Cody
Tupelo, Miss., Feb. 1 – CVC Credit Partners, LLC priced $485.2 million of notes in a refinancing and reset of the 2013 vintage Apidos CLO XII/Apidos CLO XII LLC transaction, according to a notice of proposed second supplemental indenture on Wednesday.
The CLO sold $5.5 million of class X amortizing senior secured floating-rate notes at Libor plus 60 basis points; $320.5 million of class A-R senior secured floating-rate notes at Libor plus 108 basis points; $58.5 million of class B-R senior secured floating-rate notes at Libor plus 140 bps; $31.5 million of class C-R mezzanine deferrable floating-rate notes at Libor plus 180 bps; $30 million of class D-R mezzanine deferrable floating-rate notes at Libor plus 260 bps; $22 million of class E-R mezzanine deferrable floating-rate notes at Libor plus 540 bps; $8.5 million of class F-R mezzanine deferrable floating-rate notes at Libor plus 750 bps and $8.7 million of subordinated notes.
RBC Capital Markets, LLC was the refinancing placement agent.
CVC Credit Partners will continue to manage the CLO.
The maturity on the refinanced notes was extended to April 15, 2031 from the initial April 15, 2025 maturity.
In the original $523 million transaction issued on April 18, 2013, the CLO sold $3 million of class X senior secured floating-rate notes at Libor plus 90 bps, $314 million of class A senior secured floating-rate notes at Libor plus 110 bps, $55.25 million of class B-1 senior secured floating-rate notes at Libor plus 175 bps and $12.5 million of 3.22% class B-2 senior secured fixed-rate notes.
The CLO had also priced $33.5 million of class C mezzanine secured deferrable floating-rate notes at Libor plus 280 bps; $25.25 million of class D mezzanine secured deferrable floating-rate notes at Libor plus 305 bps; $21 million of class E mezzanine secured deferrable floating-rate notes at Libor plus 440 bps; $12.25 million of class F mezzanine secured deferrable floating-rate notes at Libor plus 490 bps and an equity tranche of $46.25 million of subordinated notes.
Proceeds from the refinancing will be used to redeem the original CLO notes.
CVC Credit Partners priced two new CLOs and refinanced four vintage CLOs in 2017.
The New York-based subsidiary of London-based CVC Capital Partners Ltd. priced two new CLOs and refinanced two CLOs in 2016.
| Issuer: | Apidos CLO XII/Apidos CLO XII LLC
|
| Amount: | $485.2 million refinancing
|
| Maturity: | April 15, 2031
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| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
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| Refinancing agent: | RBC Capital Markets, LLC
|
| Manager: | CVC Credit Partners, LLC
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| Call feature: | Two years
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| Settlement date: | Feb. 22
|
| Distribution: | Rule 144A, Regulation S
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|
| Class X notes
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| Amount: | $5.5million
|
| Securities: | Amortizing senior secured floating-rate notes
|
| Coupon: | Libor plus 60 bps
|
| Ratings: | Moody’s: Aaa expected
|
|
|
| Class A-R notes
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| Amount: | $320.5 million
|
| Securities: | Senior secured floating-rate notes
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| Coupon: | Libor plus 108 bps
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| Ratings: | Moody’s: Aaa expected
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| Fitch: AAA expected
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| Class B-R notes
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| Amount: | $58.5 million
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| Securities: | Senior secured floating-rate notes
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| Coupon: | Libor plus 140 bps
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| Ratings: | Moody’s: Aa2 expected
|
|
|
| Class C-R notes
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| Amount: | $31.5 million
|
| Securities: | Mezzanine deferrable floating-rate notes
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| Coupon: | Libor plus 180 bps
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| Ratings: | Moody’s: A2 expected
|
|
|
| Class D-R notes
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| Amount: | $30 million
|
| Securities: | Mezzanine deferrable floating-rate notes
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| Coupon: | Libor plus 260 bps
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| Ratings: | Moody’s: Baa3 expected
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|
|
| Class E-R notes
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| Amount: | $22 million
|
| Securities: | Mezzanine deferrable floating-rate notes
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| Coupon: | Libor plus 540 bps
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| Ratings: | Moody’s: Ba3 expected
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|
|
| Class F-R notes
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| Amount: | $8.5 million
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| Securities: | Deferrable floating-rate notes
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| Coupon: | Libor plus 750 bps
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| Ratings: | Moody’s: B3 expected
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|
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| Equity
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| Amount: | $8.7 million
|
| Securities: | Subordinated notes
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| Ratings: | Non-rated
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