Chicago, Nov. 12 – CVC Credit Partners, LLC detailed its $408.5 million offering of notes in the new broadly syndicated collateralized loan obligation offering from Apidos CLO XXXIV/Apidos CLO XXXIV LLC, according to a report.
The transaction includes $221 million class A-1 floating-rate notes at Libor plus 127 basis point, $35 million class A-2 1.59% fixed-rate notes and $48 million class B floating-rate notes at Libor plus 165 bps.
Additionally, the CLO includes $24 million class C deferrable floating-rate notes at Libor plus 230 bps, $20 million class D deferrable floating-rate notes at Libor plus 360 bps, $14 million class E deferrable floating-rate notes at Libor plus 725 bps and a delayed-draw tranche of class F floating-rate notes at Libor plus 900 bps.
There is also a $40.5 million subordinated note class.
There is a three-year reinvestment period. The no-call period ends Nov. 13, 2021.
Deutsche Bank Securities Inc. is the placement agent.
The CLO is backed primarily by broadly syndicated first-lien senior secured corporate loans.
This is the third CLO from CVC Credit Partners in 2020.
The subsidiary of London-based CVC Capital Partners Ltd. is based in New York City.
| Issuer: | Apidos CLO XXXIV/Apidos CLO XXXIV LLC
|
| Amount: | $408.5 million
|
| Structure: | Cash flow CLO
|
| Maturity: | Jan. 20, 2033
|
| Placement agent: | Deutsche Bank Securities Inc.
|
| Manager: | CVC Credit Partners, LLC
|
| Call: | Non-callable until Nov. 13, 2021
|
| Announcement date: | Oct. 9
|
| Settlement date: | Nov. 13
|
|
|
| Class A-1 notes
|
| Amount: | $221 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 127 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $35 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 1.59%
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $48 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 230 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $20 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 360 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $14 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 725 bps
|
| Rating: | S&P: BB-
|
|
|
| Class F notes
|
| Amount: | $6 million
|
| Securities: | Delayed-draw floating-rate notes
|
| Coupon: | Libor plus 900 bps
|
| Rating: | S&P: B-
|
|
|
| Subordinated notes
|
| Amount: | $40.5 million
|
| Securities: | Subordinated notes
|
|
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