By Cristal Cody
Tupelo, Miss., Aug. 16 – CVC Credit Partners, LLC affiliate CVC Credit Partners U.S. CLO Management LLC priced $663.1 million of notes due October 2031 in a new collateralized loan obligation deal, according to a market source.
Apidos CLO XXX/Apidos CLO XXX LLC priced $2.7 million of class X senior floating-rate notes at Libor plus 60 basis points, $375.1 million of class A-1A senior floating-rate notes at Libor plus 114 bps, $40.85 million of class A-1B senior floating-rate notes at Libor plus 143 bps and $78 million of class A-2 senior floating-rate notes at Libor plus 160 bps.
The CLO also sold $39 million of class B deferrable floating-rate notes at Libor plus 200 bps, $38.45 million of class C deferrable floating-rate notes at Libor plus 300 bps, $24.4 million of class D deferrable floating-rate notes at Libor plus 560 bps and $64.6 million of subordinated notes.
Credit Suisse Securities (USA) LLC was the placement agent.
CVC Credit Partners U.S. CLO Management is the CLO manager.
The CLO has a two-year non-call period and a five-year reinvestment period.
The issue is backed primarily by broadly syndicated first-lien senior secured corporate loans.
CVC Credit Partners has priced two new CLOs year to date.
The 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 XXX/Apidos CLO XXX LLC
|
| Amount: | $663.1 million
|
| Maturity: | October 2031
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Credit Suisse Securities (USA) LLC
|
| Manager: | CVC Credit Partners U.S. CLO Management LLC
|
| Call feature: | Two years
|
| Trade date: | Aug. 7
|
| Settlement date: | Sept. 11
|
|
|
| Class X notes
|
| Amount: | $2.7 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 60 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1A notes
|
| Amount: | $375.1 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 114 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1B notes
|
| Amount: | $40.85 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 143 bps
|
| Ratings: | S&P: Non-rated
|
|
|
| Class A-2 notes
|
| Amount: | $78 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Rating: | S&P: AA
|
|
|
| Class B notes
|
| Amount: | $39 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Rating: | S&P: A
|
|
|
| Class C notes
|
| Amount: | $38.45 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 300 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class D notes
|
| Amount: | $24.4 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 560 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $64.6 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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