Apex offers $407 million of notes via new Apex Credit CLO 2019-II

By Cristal Cody

Tupelo, Miss., Sept. 18 – Apex Credit Partners LLC plans to price $407 million of notes due Oct. 25, 2032 in the Apex Credit CLO 2019-II Ltd. transaction, according to a market source.

The offering includes $248 million of class A-1 senior secured floating-rate notes (Aaa); $16 million of class A-2 senior secured floating-rate notes; $42 million of class B senior secured floating-rate notes; $22 million of class C secured deferrable floating-rate notes; $20 million of class D secured deferrable floating-rate notes; $20 million of class E secured deferrable floating-rate notes and $39 million of subordinated notes.

Jefferies LLC is the placement agent.

Apex Credit Partners will manage the CLO, which has a two-year non-call period and a five-year reinvestment period.

The deal is backed primarily by broadly syndicated senior secured corporate loans.

The transaction is expected to close Oct. 25.

Apex has priced one CLO offering year to date.

The New York City-based commercial finance firm is co-owned by Jefferies Group LLC and Massachusetts Mutual Life Insurance Co.

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