| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers H > Headlines for Harvest CLO XXV DAC > News item |
CVC details Apidos CLO; Harvest transaction closes in quiet CLO primary
Chicago, Nov. 12 – The collateralized loan obligation market had nothing new enter the primary space on Thursday after a one-day midweek holiday on Wednesday.
However, terms and details became available on the Apidos CLO XXXIV/Apidos CLO XXXIV LLC portfolio being managed by CVC Credit Partners, LLC.
And, Harvest CLO XXV DAC was heard to have closed on its earlier announced deal from Europe’s CLO market.
Apidos details CLO
CVC Credit Partners provided details on its $408.5 million offering of notes in the new broadly syndicated CLO from Apidos CLO XXXIV/Apidos CLO XXXIV LLC.
CVC’s CLOs tend to favor software, hotels, restaurants and leisure, and chemicals, according to S&P Global Ratings.
This portfolio, however, has as its top five industry distribution in this order: telecom, software, hotels restaurants and leisure, health care providers and services and insurance.
The first maturity on the collateral underlying the portfolio is in late 2021 with the last maturity currently mid-2029.
The facility matures Jan. 20, 2033.
There are 185 identified collateral obligations for this CLO. Over 99% of the portfolio has been identified.
Up to 65% of the loans in the portfolio can be covenant-lite.
The $408.5 million CLO contains an additional class of $6 million of class F notes that are delayed-draw with a floating rate of Libor plus 900 basis points. The class was not part of the original announcement in mid-October.
Harvest XXV closes
Harvest CLO XXV DAC closed on its €419.56 million transaction on Thursday.
The issue was reported at the beginning of October.
The CLO was expected to be 90% ramped by closing with the remaining 10% of the portfolio to be collateralized in the eight-month ramp-up period.
The eight-class portfolio plus subordinated notes will mature on Jan. 23, 2034.
Investcorp Credit Management EU Ltd. manages the CLO.
© 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.