Chicago, Sept. 6 – CVC Credit Partners LLC priced $373.95 million of notes in the Apidos CLO XI/Apidos CLO XI LLC collateralized loan obligation offering, a second refinancing of an earlier issue, according to a revised proposed second supplemental indenture.
Apidos CLO XI priced $260 million of class A-RR floating-rate notes at Libor plus 120 basis points and $46 million of class B-RR floating-rate notes at Libor plus 170 bps.
The $24 million of class C-RR deferrable floating-rate notes priced at Libor plus 250 bps, while the $22 million of class D-RR deferrable floating-rate notes were sold at Libor plus 385 bps.
The CLO also placed $16 million of class E-RR deferrable floating-rate notes at Libor plus 701 bps and $5.95 million of class F-RR deferrable floating-rate notes at Libor plus 945 bps.
RBC Capital Markets, LLC was the refinancing agent.
In the $370.65 million first reprint, the CLO sold $4 million of class X floating-rate notes at Libor plus 120 bps, $254.35 million of class A-R floating-rate notes at Libor plus 144 bps, $43.75 million of class B-R floating-rate notes at Libor plus 195 bps, $30.1 million of class C-R deferrable floating-rate notes at Libor plus 270 bps, $21.95 million of class D-R deferrable floating-rate notes at Libor plus 405 bps and $16.5 million of class E-R deferrable floating-rate notes at Libor plus 765 bps.
The original $42.6 million tranche of subordinated notes had remained outstanding, while the CLO manager also issued an additional $2.4 million of subordinated securities in the first refinancing.
The maturity date is Oct. 22, 2030.
The second refinanced CLO also will have an extended reinvestment period to October 2022.
Proceeds from the transaction will be used to redeem the outstanding notes.
CVC Credit Partners is a New York-based subsidiary of London-based CVC Capital Partners Ltd.
| Issuer: | Apidos CLO XI/Apidos CLO XI LLC
|
| Amount: | $373.95 million
|
| Maturity: | Oct. 22, 2030
|
| Securities: | Floating-rate notes second refinancing
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | RBC Capital Markets, LLC
|
| Manager: | CVC Credit Partners LLC
|
| Call feature: | After two years
|
| Settlement date: | Sept. 12
|
|
|
| Class A-RR notes
|
| Amount: | $260 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 120 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class B-RR notes
|
| Amount: | $46 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Ratings: | Moody’s: Not rated
|
| S&P: AA
|
|
|
| Class C-RR notes
|
| Amount: | $24 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 250 bps
|
| Ratings: | Moody’s: Not-rated
|
| S&P: A
|
|
|
| Class D-RR notes
|
| Amount: | $22 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 385 bps
|
| Ratings: | Moody’s: Not rated
|
| S&P: BBB-
|
|
|
| Class E-RR notes
|
| Amount: | $16 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 701 bps
|
| Ratings: | Moody’s: Not rated
|
| S&P: BB-
|
|
|
| Class F-RR notes
|
| Amount: | $5.95 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 945 bps
|
| Ratings: | Moody’s: B3
|
| S&P: Not rated
|
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