By Cristal Cody
Tupelo, Miss., April 13 – CVC Credit Partners, LLC refinanced $618.15 million of notes due July 22, 2026 at par in a vintage 2014 collateralized loan obligation transaction, according to a market source.
Apidos CLO XVIII/APidos XVIII LLC priced $449.8 million of class A-1-R floating-rate notes at Libor plus 112 basis points; $71.35 million of class A-2A-R floating-rate notes at Libor plus 150 bps; $23 million of 3.36% class A-2B-R fixed-rate notes; $31.3 million of class B-R floating-rate notes at Libor plus 210 bps and $42.7 million of class C-R floating-rate notes at Libor plus 325 bps.
Morgan Stanley & Co. LLC arranged the transaction.
CVC Credit Partners will continue to manage the CLO.
In the original transaction priced on June 25, 2014, Apidos CLO XVIII placed $449.8 million of class A-1 senior secured floating-rate notes at Libor plus 141 bps; $71.35 million of class A-2A senior secured floating-rate notes at Libor plus 195 bps; $23 million of 2% class A-2B senior secured fixed-rate notes; $31.3 million of class B deferrable floating-rate notes at Libor plus 280 bps; $42.7 million of class C deferrable floating-rate notes at Libor plus 365 bps; $39.85 million of class D deferrable floating-rate notes at Libor plus 520 bps and $8 million of class E deferrable floating-rate notes at Libor plus 600 bps and $67.6 million of subordinated notes.
CVC Credit Partners has refinanced three vintage CLOs year to date.
The New York-based subsidiary of London-based CVC Capital Partners Ltd. priced two new CLOs and refinanced two CLOs in 2016.
| Issuer: | Apidos CLO XVIII/Apidos CLO XVIII LLC
|
| Amount: | $618.15 million refinancing
|
| Maturity: | July 22, 2026
|
| Securities: | Fixed- and floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Morgan Stanley & Co. LLC
|
| Manager: | CVC Credit Partners, LLC
|
| Pricing date: | April 4
|
|
|
| Class A-1-R notes
|
| Amount: | $449.8 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 112 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa expected
|
| Fitch: AAA expected
|
|
|
| Class A-2A-R notes
|
| Amount: | $71.35 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 150 bps
|
| Price: | Par
|
| Rating: | Moody’s: Aa2 expected
|
|
|
| Class A-2B-R notes
|
| Amount: | $23 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 3.36%
|
| Price: | Par
|
| Rating: | Moody’s: Aa2 expected
|
|
|
| Class B-R notes
|
| Amount: | $31.3 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 210 bps
|
| Price: | Par
|
| Rating: | Moody’s: A2 expected
|
|
|
| Class C-R notes
|
| Amount: | $42.7 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 325 bps
|
| Price: | Par
|
| Rating: | Moody’s: Baa3 expected
|
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