By Cristal Cody
Tupelo, Miss., June 26 – CVC Credit Partners, LLC sold $513.5 million of notes due July 17, 2030 in the new Apidos CLO XXVII/Apidos CLO XXVII LLC transaction, according to a market source on Monday.
The CLO priced $320 million of class A-1 senior secured floating-rate notes at Libor plus 121 basis points; $57.5 million of class A-2 senior secured floating-rate notes at Libor plus 170 bps; $28.75 million of class B senior secured floating-rate notes at Libor plus 235 bps; $31.25 million of class C mezzanine deferrable floating-rate notes at Libor plus 345 bps; $22.5 million of class D mezzanine deferrable floating-rate notes at Libor plus 640 bps; $7.5 million of class E notes at Libor plus 740 bps and $46 million of subordinated notes.
BofA Merrill Lynch was the placement agent.
CVC Credit Partners will manage the CLO.
The CLO has a two-year non-call period and a five-year reinvestment period.
Proceeds will be used to purchase a portfolio of about $500 million of mostly first lien senior secured leveraged loans.
CVC Credit Partners has priced one new CLO and refinanced four 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 XXVII/Apidos CLO XXVII LLC
|
| Amount: | $513.5 million
|
| Maturity: | July 17, 2030
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | BofA Merrill Lynch
|
| Manager: | CVC Credit Partners, LLC
|
| Call feature: | Two years
|
| Settlement date: | July 27
|
| Distribution: | Rule 144A
|
|
|
| Class A-1 notes
|
| Amount: | $320 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 121 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $57.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Ratings: | S&P: AA
|
|
|
| Class B notes
|
| Amount: | $28.75 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 235 bps
|
| Ratings: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $31.25 million
|
| Securities: | Mezzanine deferrable floating-rate notes
|
| Coupon: | Libor plus 345 bps
|
| Ratings: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $22.5 million
|
| Securities: | Mezzanine deferrable floating-rate notes
|
| Coupon: | Libor plus 640 bps
|
| Ratings: | S&P: BBB
|
|
|
| Class E notes
|
| Amount: | $7.5 million
|
| Securities: | Mezzanine deferrable floating-rate notes
|
| Coupon: | Libor plus 740 bps
|
| Ratings: | S&P: BBB
|
|
|
| Equity
|
| Amount: | $46 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.
