By Cristal Cody
Tupelo, Miss., June 21 – CVC Credit Partners, LLC affiliate CVC Credit Partners U.S. CLO Management LLC priced $615.7 million of notes due July 25, 2030 in a new collateralized loan obligation offering that closed on Thursday, according to a market source.
Apidos CLO XXIX/Apidos CLO XXIX LLC priced $2.5 million of class X floating-rate notes at Libor plus 55 basis points, $369 million of class A-1A floating-rate notes at Libor plus 102 bps, $21 million of class A-1B floating-rate notes at Libor plus 130 bps and $66 million of class A-2 floating-rate notes at Libor plus 155 bps.
The CLO also priced $42 million of class B deferrable floating-rate notes at Libor plus 190 bps, $30 million of class C deferrable floating-rate notes at Libor plus 275 bps, $22 million of class D deferrable floating-rate notes at Libor plus 525 bps and $63 million of subordinated notes.
The deal was upsized from an initial expected $513.5 million offering.
BofA Merrill Lynch was 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.
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.
| Issuer: | Apidos CLO XXIX/Apidos CLO XXIX LLC
|
| Amount: | $615.7 million
|
| Maturity: | July 25, 2030
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | BofA Merrill Lynch
|
| Manager: | CVC Credit Partners U.S. CLO Management LLC
|
| Call feature: | Two years
|
| Pricing date: | May 11
|
| Settlement date: | June 21
|
| Distribution: | Rule 144A
|
|
|
| Class X notes
|
| Amount: | $2.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 55 bps
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class A-1A notes
|
| Amount: | $369 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 102 bps
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class A-1B notes
|
| Amount: | $21 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 130 bps
|
| Ratings: | S&P: Non-rated
|
| Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $66 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 155 bps
|
| Rating: | S&P: AA
|
|
|
| Class B notes
|
| Amount: | $42 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Rating: | S&P: A
|
|
|
| Class C notes
|
| Amount: | $30 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 275 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class D notes
|
| Amount: | $22.2 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 525 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $63 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
© 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.
