By Cristal Cody
Tupelo, Miss., April 25 – CVC Credit Partners, LLC priced $486.25 million of notes in a reset and second refinancing of a vintage 2013 collateralized loan obligation offering, according to a market source and a notice of executed third supplemental indenture on Tuesday.
Apidos CLO XV/Apidos CLO XV LLC priced $5 million of class X-RR amortizing senior secured floating-rate notes at Libor plus 60 basis points, $300 million of class A-1-RR senior secured floating-rate notes at Libor plus 101 bps, $20 million of class A-2-RR senior secured floating-rate notes at Libor plus 125 bps and $60 million of class B-RR senior secured floating-rate notes at Libor plus 155 bps.
The $32.5 million of class C-RR mezzanine deferrable floating-rate notes priced at Libor plus 185 bps, while the $27.5 million of class D-RR mezzanine deferrable floating-rate notes were sold at Libor plus 270 bps.
The CLO also placed $20 million of class E-RR mezzanine deferrable floating-rate notes at Libor plus 570 bps, $9.25 million of class F-RR mezzanine deferrable floating-rate notes at Libor plus 825 bps and $12 million of additional subordinated notes.
Barclays arranged the transaction.
The maturity on the notes was extended to April 20, 2031 from the original Oct. 20, 2025 maturity.
The reset CLO has a two-year non-call period and a five-year reinvestment period.
The original $512.7 million CLO was issued on Oct. 16, 2013 and was first partially refinanced on March 7, 2017 in a $407 million transaction.
The original Apidos CLO XV priced $304 million of class A-1 senior secured floating-rate notes at Libor plus 135 bps; $58 million of class A-2A senior secured floating-rate notes at Libor plus 180 bps; $10 million of 4.273% class A-2B senior secured fixed-rate notes; $10 million of class B-1 mezzanine deferrable floating-rate notes at Libor plus 265 bps; $25 million of 5.837% class B-2 mezzanine deferrable fixed-rate notes; $28 million of class C mezzanine deferrable floating-rate notes at Libor plus 325 bps; $23 million of class D mezzanine deferrable floating-rate notes at Libor plus 475 bps; $11 million of class E mezzanine deferrable floating-rate notes at Libor plus 550 bps and $43.7 million of subordinated notes.
In the first refinancing, the CLO sold $304 million of class A-1-R floating-rate notes at Libor plus 110 bps, $58 million of class A-2A-R floating-rate notes at Libor plus 150 bps, $10 million of 3.46% class A-2B-R fixed-rate notes; $10 million of class B-1-R floating-rate notes at Libor plus 220 bps and $25 million of 4.25% class B-2-R fixed-rate notes.
Proceeds from the second refinancing were used to redeem the existing notes.
The deal is backed primarily by broadly syndicated first-lien senior secured corporate loans.
CVC Credit Partners has refinanced two vintage CLOs year to date.
The New York City-based subsidiary of London-based CVC Capital Partners Ltd. priced two new CLOs and refinanced four vintage CLOs in 2017.
| Issuer: | Apidos CLO XV/Apidos CLO XV LLC
|
| Amount: | $486.25 million refinancing
|
| Maturity: | April 20, 2031
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Barclays
|
| Manager: | CVC Credit Partners, LLC
|
| Call feature: | April 20, 2020
|
| Settlement date: | April 20
|
|
|
| Class X-RR notes
|
| Amount: | $5 million
|
| Securities: | Amortizing senior secured floating-rate notes
|
| Coupon: | Libor plus 60 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1-RR notes
|
| Amount: | $300 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 101 bps
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class A-2-RR notes
|
| Amount: | $20 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 125 bps
|
| Ratings: | S&P: Non-rated
|
| Fitch: AAA
|
|
|
| Class B-RR notes
|
| Amount: | $60 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 155 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-RR notes
|
| Amount: | $32.5 million
|
| Securities: | Mezzanine deferrable floating-rate notes
|
| Coupon: | Libor plus 185 bps
|
| Rating: | S&P: A
|
|
|
| Class D-RR notes
|
| Amount: | $27.5 million
|
| Securities: | Mezzanine deferrable floating-rate notes
|
| Coupon: | Libor plus 270 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-RR notes
|
| Amount: | $20 million
|
| Securities: | Mezzanine deferrable floating-rate notes
|
| Coupon: | Libor plus 570 bps
|
| Rating: | S&P: BB-
|
|
|
| Class F-RR notes
|
| Amount: | $9.25 million
|
| Securities: | Mezzanine deferrable floating-rate notes
|
| Coupon: | Libor plus 825 bps
|
| Rating: | S&P: B-
|
|
|
| Equity
|
| Amount: | $12 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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