By Cristal Cody
Eureka Springs, March 17 – CVC Credit Partners Group Ltd. priced €411 million of notes due April 15, 2029 in the CVC Cordatus Loan Fund VI Ltd. collateralized loan obligation transaction, according to a market source.
The CLO sold €248 million of class A senior secured floating-rate notes at Euribor plus 150 basis points; €43 million of class B senior secured floating-rate notes at Euribor plus 215 bps; €21 million of class C senior secured deferrable floating-rate notes at Euribor plus 350 bps; €19.5 million of class D senior secured deferrable floating-rate notes at Euribor plus 500 bps; €25 million of class E senior secured deferrable floating-rate notes at Euribor plus 660 bps and €54.5 million of subordinated notes.
Credit Suisse Securities (Europe) Ltd. arranged the deal.
CVC Credit Partners will manage the CLO.
The CLO is backed primarily by senior secured loans and senior secured bonds.
Proceeds from the deal will be used to purchase a €400 million portfolio of mostly European leveraged loans and bonds.
CVC Credit Partners, the credit management arm of London-based private equity firm CVC Capital Partners Ltd., brought one euro-denominated CLO transaction in 2015.
| Issuer: | CVC Cordatus Loan Fund VI Ltd.
|
| Amount: | €411 million
|
| Maturity: | April 15, 2029
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Credit Suisse Securities (Europe) Ltd.
|
| Manager: | CVC Credit Partners Group Ltd.
|
| Pricing date: | March 17
|
| Settlement date: | March 31
|
| Distribution: | Private placement
|
|
|
| Class A notes
|
| Amount: | €248 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 150 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | €43 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 215 bps
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class C notes
|
| Amount: | €21 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 350 bps
|
| Ratings: | Moody’s: A2
|
| Fitch: A
|
|
|
| Class D notes
|
| Amount: | €19.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 500 bps
|
| Ratings: | Moody’s: Baa2
|
| Fitch: BBB
|
|
|
| Class E notes
|
| Amount: | €25 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 660 bps
|
| Ratings: | Moody’s: Ba2
|
| Fitch: BB
|
|
|
| Equity
|
| Amount: | €54.5 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.
