By Cristal Cody
Tupelo, Miss., June 14 – Apex Credit Partners LLC sold $399 million notes due April 19, 2032 in the Apex Credit CLO 2019 Ltd. transaction, according to a market source.
Apex Credit CLO priced $285.95 million of class A-L loans at Libor plus 157 basis points and $15.05 million of class A-N senior secured floating-rate notes at Libor plus 157 bps.
The CLO sold $23 million of class B secured deferrable floating-rate notes at Libor plus 285 bps, $23 million of class C secured floating-rate notes at Libor plus 411 bps, $21 million of class D secured deferrable floating-rate notes at Libor plus 710 bps and $31 million of subordinated notes.
Jefferies LLC was the placement agent.
Apex Credit Partners will manage the CLO.
The deal is backed primarily by broadly syndicated senior secured corporate loans.
Apex is a New York City-based commercial finance firm co-owned by Jefferies Group LLC and Massachusetts Mutual Life Insurance Co.
| Issuer: | Apex Credit CLO 2019 Ltd.
|
| Amount: | $399 million
|
| Maturity: | April 19, 2032
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Jefferies LLC
|
| Manager: | Apex Credit Partners LLC
|
| Pricing date: | May 13
|
| Settlement date: | May 30
|
|
|
| Class A-L loans
|
| Amount: | $285.95 million
|
| Securities: | Loans
|
| Coupon: | Libor plus 157 bps
|
| Rating: | Moody’s: Aa1
|
|
|
| Class A-N notes
|
| Amount: | $15.05 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 157 bps
|
| Rating: | Moody’s: Aa1
|
|
|
| Class B notes
|
| Amount: | $23 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 285 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class C notes
|
| Amount: | $23 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 411 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class D notes
|
| Amount: | $21 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 710 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Equity
|
| Amount: | $31 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
© 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.
