Chicago, March 1 – CVC Credit Partners, LLC detailed Apidos XXXV, a collateralized loan obligation fund of $511.1 million due April 20, 2034, according to a pre-sale report.
The CLO includes $315 million of class A floating-rate notes at Libor plus 105 basis points, $65 million of class B floating-rate notes at Libor plus 140 bps, $31.25 million of class C floating-rate notes at Libor plus 165 bps, $28.75 million of class D floating-rate notes at Libor plus 265 bps, $17.5 million of class E floating-rate notes at Libor plus 575 bps and $53.6 million of subordinated notes.
The fund is primarily comprised of broadly syndicated first-lien senior secured loans.
BofA Securities Inc. is the arranger of the transaction, which was multiple times oversubscribed.
The notes can be called starting April 20, 2023.
CVC Credit will actively manage the portfolio until April 20, 2026 when the reinvestment period ends.
CVC is the credit management arm of London-based private equity firm CVC Capital Partners Ltd.
| Issuer: | Apidos XXXV
|
| Amount: | $511.1 million
|
| Maturity: | April 20, 2034
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Arranger: | BofA Securities Inc.
|
| Manager: | CVC Credit Partners, LLC
|
| Call: | April 20, 2023
|
| Announcement date: | Feb. 23
|
| Settlement date: | March 26
|
|
|
| Class A notes
|
| Amount: | $315 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 105 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $65 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 140 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $31.25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $28.75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 265 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
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| Amount: | $17.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 575 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $53.6 million
|
| Securities: | Subordinated notes
|
|
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