CVC to price $513.5 million CLO in its first deal of 2018; Investcorp to reset 2016 CLO

By Cristal Cody

Tupelo, Miss., May 8 – CVC Credit Partners, LLC plans to price $513.5 million of notes in the firm’s first new CLO offering of the year.

About $35 billion of new issue CLOs have priced year to date, according to market sources.

In the European market, Investcorp Credit Management EU Ltd. is offering €467.3 million of notes in a refinancing and reset of a vintage 2016 CLO.

More than €5 billion of euro-denominated CLOs have been refinanced year to date, according to market sources.

In its deal, CVC Credit Partners U.S. CLO Management plans to price $513.5 million of notes due July 25, 2030 in the Apidos CLO XXIX/Apidos CLO XXIX LLC offering, according to a market source on Tuesday.

The transaction includes $2.5 million of class X floating-rate notes (AAA/AAA); $307.5 million of class A-1A floating-rate notes (AAA/AAA); $17.5 million of class A-1B floating-rate notes (//AAA); $55 million of class A-2 floating-rate notes (AA/); $35 million of class B deferrable floating-rate notes (A/); $25 million of class C deferrable floating-rate notes (BBB-/); $18.5 million of class D deferrable floating-rate notes (BB-/) and $52.5 million of subordinated notes.

BofA Merrill Lynch is the placement agent.

The deal is expected to close on June 21.

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