By Cristal Cody
Tupelo, Miss., July 20 – CVC Credit Partners, LLC affiliate CVC Credit Partners U.S. CLO Management LLC priced $470 million of notes due July 18, 2027 in a refinancing of a 2015 vintage collateralized loan obligation that closed this week, according to a market source and a notice of executed supplemental indenture.
Apidos CLO XXI/Apidos CLO XXI LLC priced $315 million of class A-1-R senior floating-rate notes at Libor plus 93 basis points; $64.8 million of class A-2-R senior floating-rate notes at Libor plus 145 bps; $24 million of class B-R mezzanine deferrable floating-rate notes at Libor plus 185 bps; $32.2 million of class C-R mezzanine deferrable floating-rate notes at Libor plus 245 bps; $25 million of class D-R mezzanine deferrable floating-rate notes at Libor plus 520 bps; and $9 million of class E-R mezzanine deferrable floating-rate notes at Libor plus 825 bps.
Morgan Stanley & Co. LLC was the refinancing placement agent.
CVC Credit Partners U.S. CLO Management will remain the CLO manager.
The original $512.9 million CLO was issued June 18, 2015. The CLO had priced $315 million of class A-1 floating-rate notes at Libor plus 143 bps; $64.8 million of class A-2 floating-rate notes at Libor plus 190 bps; $24 million of class B floating-rate notes at Libor plus 270 bps; $32.2 million of class C floating-rate notes at Libor plus 355 bps; $25 million of class D floating-rate notes at Libor plus 555 bps; $9 million of class E floating-rate notes at Libor plus 645 bps and $42.9 million of subordinated notes.
Proceeds were used to redeem the original notes.
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 XXI/Apidos CLO XXI LLC
|
| Amount: | $470 million refinancing
|
| Maturity: | July 18, 2027
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Morgan Stanley & Co. LLC
|
| Manager: | CVC Credit Partners U.S. CLO Management LLC
|
| Settlement date: | July 18
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class A-1-R notes
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| Amount: | $315 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 93 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-2-R notes
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| Amount: | $64.8 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 145 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class B-R notes
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| Amount: | $24 million
|
| Securities: | Mezzanine deferrable floating-rate notes
|
| Coupon: | Libor plus 185 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class C-R notes
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| Amount: | $32.2 million
|
| Securities: | Mezzanine deferrable floating-rate notes
|
| Coupon: | Libor plus 245 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class D-R notes
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| Amount: | $25 million
|
| Securities: | Mezzanine deferrable floating-rate notes
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| Coupon: | Libor plus 520 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Class E-R notes
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| Amount: | $9 million
|
| Securities: | Mezzanine deferrable floating-rate notes
|
| Coupon: | Libor plus 825 bps
|
| Rating: | Moody’s: B3
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