Chicago, July 13 – CVC Credit Partners U.S. CLO Management LLC refinanced four classes of notes for $437.5 million from the Apidos CLO XXVII/Apidos CLO XXVII LLC transaction, according to an indenture document and a market release.
The notes continue with their July 17, 2030 maturity date.
The CLO refinanced $320 million of class A-1R senior secured floating-rate notes at Libor plus 93 basis points (from 121 bps), $57.5 million of class A-2R senior secured floating-rate notes at Libor plus 155 bps (from 170 bps), $28.75 million of class B-R mezzanine secured deferrable floating-rate notes at Libor plus 190 bps (from 235 bps) and $31.25 million of class C-R mezzanine secured deferrable floating-rate notes at Libor plus 315 bps (from 345 bps).
The original class D mezzanine deferrable floating-rate notes at Libor plus 640 bps; $7.5 million of class E notes at Libor plus 740 bps and $46 million of subordinated notes will remain outstanding and are not part of the refinancing.
For the refinancing notes, the non-call period has been extended to June 15, 2022.
The reinvestment period has not changed. CVC Credit will continue to manage the collateral through the end of the remaining time.
J.P. Morgan Securities LLC is the refinancing placement agent.
The collateral manager is a New York-based subsidiary of London-based CVC Capital Partners Ltd.
| Issuers: | Apidos CLO XXVII/Apidos CLO XXVII LLC
|
| Issue: | Floating-rate notes
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| Amount: | $437.5 million
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| Maturity: | July 17, 2030
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities LLC
|
| Manager: | CVC Credit Partners U.S. CLO Management LLC
|
| Call feature: | June 15, 2022
|
| Settlement date: | June 15
|
|
|
| Class A-1R notes
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| Amount: | $320 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 93 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A-2R notes
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| Amount: | $57.5 million
|
| Securities: | Senior secured floating-rate notes
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| Coupon: | Libor plus 155 bps
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| Rating: | Moody's: Aa2
|
|
|
| Class B-R notes
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| Amount: | $28.75 million
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| Securities: | Mezzanine secured deferrable floating-rate notes
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| Coupon: | Libor plus 190 bps
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| Rating: | Moody's: A2
|
|
|
| Class C-R notes
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| Amount: | $31.25 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 315 bps
|
| Rating: | Moody's: Baa3
|
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