By Cristal Cody
Tupelo, Miss., Oct. 22 – CVC Credit Partners, LLC priced $512.65 million of notes due Oct. 19, 2026 in a Rule 144A-eligible collateralized loan obligation deal, according to a market source.
Apidos CLO XIX/Apidos CLO XIX LLC sold $270 million of class A-1 senior secured floating-rate notes at Libor plus 150 basis points; $50 million of class A-2 senior secured floating-rate notes at Libor plus 125 bps; $53.25 million of class B senior secured floating-rate notes at Libor plus 245 bps; $33 million of class C deferrable floating-rate notes at Libor plus 329 bps; $29.5 million of class D deferrable floating-rate notes at Libor plus 375 bps; $25.5 million of class E deferrable floating-rate notes at Libor plus 545 bps; $7.5 million of class F deferrable floating-rate notes at Libor plus 600 bps and $43.9 million of subordinated notes.
Wells Fargo Securities LLC was the placement agent.
CVC Credit Partners will manage the CLO.
The CLO is non-callable until Jan. 17, 2017. The reinvestment period ends Jan. 17, 2019.
The deal is backed primarily by first-lien senior secured loans.
Proceeds from the offering will be used to purchase a portfolio of about $500 million of mostly senior secured leveraged loans.
CVC Credit Partners previously priced the $733.6 million Apidos CLO XVIII/Apidos CLO XVIII LLC deal on June 25 and the $519.25 million Apidos CLO XVII/Apidos CLO XVII LLC offering on March 20, 2014.
The credit management arm of London-based private equity firm CVC Capital Partners Ltd. brought three CLO transactions in 2013.
| Issuer: | Apidos CLO XIX/Apidos CLO XIX LLC
|
| Amount: | $512.65 million
|
| Maturity: | Oct. 19, 2026
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Wells Fargo Securities LLC
|
| Manager: | CVC Credit Partners, LLC
|
| Call feature: | Jan. 17, 2017
|
| Pricing date: | Oct. 14
|
| Settlement date: | Nov. 12
|
| Distribution: | Rule 144A
|
|
|
| Class A-1 notes
|
| Amount: | $270 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 150 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-2 notes
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| Amount: | $50 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 125 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $53/25 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 245 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C notes
|
| Amount: | $33 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 329 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class D notes
|
| Amount: | $29.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 375 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class E notes
|
| Amount: | $25.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 545 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Class F notes
|
| Amount: | $7.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 600 bps
|
| Rating: | Moody’s: B3
|
|
|
| Equity tranche
|
| Amount: | $43.9 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
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