CVC Credit Partners prices $768.35 million CLO; CBAM brings $1 billion of new notes

By Cristal Cody

Tupelo, Miss., Nov. 16 – November primary action remains steady in the CLO market ahead of the Thanksgiving Day holiday.

Details emerged on two new transactions.

CVC Credit Partners, LLC sold $768.35 million of notes in a new offering.

In addition, CBAM CLO Management LLC priced $1,008,000,000 of notes in the firm’s third $1 billion-plus CLO offering of the year.

Nearly $100 billion of new CLOs have priced year to date, according to market sources.

CVC prices Apidos CLO

CVC Credit Partners sold $768.35 million of notes due Jan. 20, 2031 in the new Apidos CLO XXVIII/Apidos CLO XXVIII LLC transaction, according to market sources.

The CLO priced $435 million of class A-1A floating-rate notes at a discount margin of Libor plus 113 basis points at the top of the capital structure.

Citigroup Global Markets Inc. was the placement agent.

CVC Credit Partners has priced three new CLOs and refinanced four vintage CLOs year to date.

The New York-based subsidiary of London-based CVC Capital Partners Ltd. priced two new CLOs and refinanced two CLOs in 2016.

CBAM prices $1 billion

CBAM CLO Management sold $1,008,000,000 of notes due Jan. 15, 2031 in the manager’s new deal, according to market sources.

CBAM 2017-4, Ltd./CBAM 2017-4 LLC priced $640 million of floating-rate notes at Libor plus 120 bps in the class A tranche.

Morgan Stanley & Co. LLC was the placement agent.

CBAM, an affiliate of New York-based asset management firm CBAM Partners, LLC, has priced three $1 billion-plus CLO transactions year to date.

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