Chicago, May 19 – CVC Credit Partners, LLC affiliate CVC Credit Partners U.S. CLO Management LLC refinanced its 2019 CLO issued by Apidos CLO XXXI for $578 million, according to a notice.
The maturity date is April 15, 2031.
The notes included in the refinancing are the $391.5 million of class A-1-R senior secured floating-rate notes at Libor plus 110 basis points, $18 million of class A-2-R senior secured floating-rate notes at Libor plus 127 bps and $64.6 million of class B-R senior secured floating-rate notes at Libor plus 155 bps.
There are also $40.3 million of class C-R senior secured floating-rate notes at Libor plus 190 bps, $36.2 million of class D-R mezzanine secured deferrable floating-rate notes at Libor plus 310 bps and $27.4 million of class E-R mezzanine secured deferrable floating-rate notes at Libor plus 660 bps.
The class X notes from the original transaction will remain outstanding.
CVC Credit Partners is still managing the collateral for the remaining three-year reinvestment period.
Collateral is mostly broadly syndicated senior secured corporate loans.
The replacement notes cannot be called before May 14, 2022.
Goldman Sachs & Co. LLC is the placement agent for the replacement notes. It was also the original placement agent.
CVC Credit Partners is a New York City-based subsidiary of London-based CVC Capital Partners Ltd.
| Issuer: | Apidos CLO XXXI
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| Issue: | Floating-rate notes
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| Amount: | $578 million
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| Maturity: | April 15, 2031
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| Structure: | Cash flow CLO
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| Placement agent: | Goldman Sachs & Co. LLC
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| Manager: | CVC Credit Partners U.S. CLO Management LLC
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| Call feature: | May 14, 2022
|
| Settlement date: | May 14
|
|
|
| Class A-1-R notes
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| Amount: | $391.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 110 bps
|
| Rating: | Moody's:
|
|
|
| Class A-2-R notes
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| Amount: | $18 million
|
| Securities: | Senior secured floating-rate notes
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| Coupon: | Libor plus 127 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class B-R notes
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| Amount: | $64.6 million
|
| Securities: | Senior secured floating-rate notes
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| Coupon: | Libor plus 155 bps
|
| Rating: | Moody's:
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|
|
| Class C-R notes
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| Amount: | $40.3 million
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| Securities: | Senior secured floating-rate notes
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| Coupon: | Libor plus 190 bps
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| Rating: | Moody's:
|
|
|
| Class D-R notes
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| Amount: | $36.2 million
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| Securities: | Mezzanine secured deferrable floating-rate notes
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| Coupon: | Libor plus 310 bps
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| Rating: | Moody's:
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|
| Class E-R notes
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| Amount: | $27.4 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 660 bps
|
| Rating: | Moody's: Ba3
|
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