Chicago, Jan. 20 – CVC Credit Partners U.S. CLO Management LLC refinanced and extended for $407.5 million the collateralized loan obligation issued by Apidos CLO XXXIV/Apidos CLO XXXIV LLC, according to a pre-sale report.
The notes will mature on Jan. 20, 2035.
The refinanced CLO consists of $237 million of class A-1R senior secured floating-rate notes at Libor plus 115 basis points, $15 million of class A-2R 2.5% senior secured fixed-rate notes, $45 million of class B-1R senior secured floating-rate notes at Libor plus 165 bps, $7 million of class B-2R 3.03% senior secured fixed-rate notes, $24 million of class C-R senior secured deferrable floating-rate notes at Libor plus 205 bps, $24 million of class D-R senior secured deferrable floating-rate notes at Libor plus 310 bps, $15 million of class E-R senior secured deferrable floating-rate notes at Libor plus 650 bps and $40.5 million of subordinated notes.
The original transaction was structured as $221 million class A-1 floating-rate notes at Libor plus 127 bps, $35 million class A-2 1.59% fixed-rate notes and $48 million class B floating-rate notes at Libor plus 165 bps.
Additionally, the CLO includes $24 million class C deferrable floating-rate notes at Libor plus 230 bps, $20 million class D deferrable floating-rate notes at Libor plus 360 bps, $14 million class E deferrable floating-rate notes at Libor plus 725 bps and a delayed-draw tranche of class F floating-rate notes at Libor plus 900 bps.
There was also a $40.5 million subordinated note class.
CVC Credit Partners U.S. CLO Management LLC will manage the collateral through the end of the reinvestment period on Jan. 20, 2027.
The CLO is backed primarily by broadly syndicated first-lien senior secured corporate loans.
The notes can be called starting Dec. 29, 2023.
Deutsche Bank Securities Inc. was the placement agent.
The subsidiary of London-based CVC Capital Partners Ltd. is based in New York City.
| Issuer: | Apidos CLO XXXIV/Apidos CLO XXXIV LLC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $407.5 million
|
| Maturity: | Jan. 20, 2035
|
| Structure: | Cash flow CLO
|
| Placement agent: | Deutsche Bank Securities Inc.
|
| Manager: | CVC Credit Partners U.S. CLO Management LLC
|
| Call feature: | Dec. 29, 2023
|
| Settlement date: | Dec. 29
|
|
|
| Class A-1R notes
|
| Amount: | $237 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 115 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2R notes
|
| Amount: | $15 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.5%
|
| Rating: | S&P: AAA
|
|
|
| Class B-1R notes
|
| Amount: | $45 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-2R notes
|
| Amount: | $7 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 3.03%
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 205 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
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| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 310 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R notes
|
| Amount: | $15 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 650 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $40.5 million
|
| Securities: | Subordinated notes
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