By Cristal Cody
Tupelo, Miss., Oct. 2 – Apex Credit Partners LLC priced $408.35 million of notes due Oct. 25, 2032 in the Apex Credit CLO 2019-II Ltd. transaction, according to market sources.
The CLO sold $248 million of class A-1 senior secured floating-rate notes (Aaa/AAA) at Libor plus 141 basis points and $16 million of class A-2 senior secured floating-rate notes (AAA) at Libor plus 180 bps.
Apex Credit priced $42 million of class B senior secured floating-rate notes (AA) at Libor plus 210 bps; $20 million of class C-1 secured deferrable floating-rate notes (A) at Libor plus 300 bps; $2 million of 4.572% class C-F secured deferrable fixed-rate notes (A); $20 million of class D secured deferrable floating-rate notes (BBB-) at Libor plus 405 bps; $22 million of class E secured deferrable floating-rate notes (BB-) at Libor plus 700 bps and $38.35 million of subordinated notes.
Jefferies LLC was 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.
Apex has priced two CLO offerings year to date.
The New York City-based commercial finance firm is co-owned by Jefferies Group LLC and Massachusetts Mutual Life Insurance Co.
| Issuer: | Apex Credit CLO 2019-II Ltd.
|
| Amount: | $408.35 million
|
| Maturity: | Oct. 25, 2032
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Jefferies LLC
|
| Manager: | Apex Credit Partners LLC
|
| Call feature: | Two years
|
| Pricing date: | Sept. 27
|
| Settlement date: | Oct. 25
|
|
|
| Class A-1 notes
|
| Amount: | $248 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 141 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $16 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 180 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $42 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 210 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-1 notes
|
| Amount: | $20 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 300 bps
|
| Rating: | S&P: A
|
|
|
| Class C-F notes
|
| Amount: | $2 million
|
| Securities: | Secured deferrable fixed-rate notes
|
| Coupon: | 4.572%
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $20 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 405 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $22 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 700 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $38.35 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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