CVC Credit offers $513.5 million notes in new Apidos CLO XXIX deal

By Cristal Cody

Tupelo, Miss., May 8 – CVC Credit Partners, LLC affiliate CVC Credit Partners U.S. CLO Management LLC plans to price $513.5 million of notes due July 25, 2030 in a new collateralized loan obligation offering, according to a market source on Tuesday.

The Apidos CLO XXIX/Apidos CLO XXIX LLC 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.

CVC Credit Partners U.S. CLO Management will manage the CLO.

The CLO has a two-year non-call period and a five-year reinvestment period.

Proceeds will be used to purchase a portfolio of mostly first-lien senior secured leveraged loans.

The issue is backed primarily by broadly syndicated first-lien senior secured corporate loans.

The deal is expected to close June 21.

CVC Credit Partners, a New York City-based subsidiary of London-based CVC Capital Partners Ltd., priced two new CLOs and refinanced four vintage CLOs in 2017.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.