By Cristal Cody
Tupelo, Miss., Jan. 13 – CVC Credit Partners U.S. CLO Management LLC priced $404.6 million of notes due Jan. 20, 2033 in the broadly syndicated collateralized loan obligation deal, Apidos CLO XXXII/Apidos CLO XXXII LLC, according to market sources.
Apidos CLO XXXII sold $2.6 million of class X senior floating-rate notes at Libor plus 65 basis points, $248 million of class A-1 floating-rate notes at Libor plus 132 bps and $12 million of class A-2 floating-rate notes at Libor plus 165 bps.
The CLO sold $34 million of class B-1 floating-rate notes at Libor plus 185 bps and $10 million of 3.557% class B-2 fixed-rate notes.
The CLO also sold $24 million of class C floating-rate notes at Libor plus 240 bps, $22 million of class D floating-rate notes at Libor plus 350 bps, $17.5 million of class E floating-rate notes at Libor plus 675 bps and $34.5 million of subordinated notes.
Credit Suisse Securities (USA) LLC was the placement agent.
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, a New York City-based subsidiary of London-based CVC Capital Partners Ltd. and affiliate of CVC Credit Partners, LLC, priced two new CLOs in 2019.
| Issuer: | Apidos CLO XXXII/Apidos CLO XXXII LLC
|
| Amount: | $404.6 million
|
| Maturity: | Jan. 20, 2033
|
| Securities: | Fixed-rate, 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
|
| Pricing date: | Dec. 19
|
| Settlement date: | Feb. 14
|
|
|
| Class X notes
|
| Amount: | $2.6 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 65 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class A-1 notes
|
| Amount: | $248 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 132 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $12 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $34 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 185 bps
|
| Ratings: | Non-rated
|
|
|
| Class B-2 notes
|
| Amount: | $10 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 3.557%
|
| Ratings: | Non-rated
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 240 bps
|
| Ratings: | Non-rated
|
|
|
| Class D notes
|
| Amount: | $22 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 350 bps
|
| Ratings: | Non-rated
|
|
|
| Class E notes
|
| Amount: | $17.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 675 bps
|
| Ratings: | Non-rated
|
|
|
| Equity
|
| Amount: | $34.5 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.
