By Cristal Cody
Tupelo, Miss., Sept. 29 – CVC Credit Partners Group Ltd. priced €382.45 million of notes due April 29, 2034 in a new broadly syndicated collateralized loan obligation offering, according to market sources.
CVC Cordatus Loan Fund XVIII DAC sold €2.1 million of class X senior secured floating-rate notes at Euribor plus 45 basis points, €226.9 million of class A senior secured floating-rate notes at Euribor plus 110 bps, €21.3 million of class B-1 senior secured floating-rate notes at Euribor plus 165 bps and €10.6 million of 1.95% class B-2 senior secured fixed-rate notes.
The CLO also priced €30 million of class C senior secured deferrable floating-rate notes at Euribor plus 240 bps, €22.5 million of class D senior secured deferrable floating-rate notes at Euribor plus 350 bps, €22.5 million of class E senior secured deferrable floating-rate notes at Euribor plus 583 bps and €7.5 million of class F senior secured deferrable floating-rate notes at Euribor plus 794 bps.
The deal included €38.05 million of class M-1 subordinated notes and €1 million of class M-2 subordinated notes.
Deutsche Bank, AG was the placement agent.
CVC Credit Partners European CLO Management LLP will manage the CLO.
The offering is backed primarily by euro-denominated senior secured loans and bonds and features a three-year reinvestment period.
CVC, the credit management arm of London-based private equity firm CVC Capital Partners Ltd., has priced two euro-denominated CLOs year to date.
| Issuer: | CVC Cordatus Loan Fund XVIII DAC
|
| Amount: | €382.45 million
|
| Maturity: | April 29, 2034
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Deutsche Bank, AG
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| Manager: | CVC Credit Partners European CLO Management LLP
|
| Settlement date: | Nov. 6
|
|
|
| Class X notes
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| Amount: | €2.1 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 45 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class A notes
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| Amount: | €226.9 million
|
| Securities: | Senior secured floating-rate notes
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| Coupon: | Euribor plus 110 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class B-1 notes
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| Amount: | €21.3 million
|
| Securities: | Senior secured floating-rate notes
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| Coupon: | Euribor plus 165 bps
|
| Ratings: | Moody’s: Aa2
|
| S&P: AA
|
|
|
| Class B-2 notes
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| Amount: | €10.6 million
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| Securities: | Senior secured fixed-rate notes
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| Coupon: | 1.95%
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| Ratings: | Moody’s: Aa2
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| S&P: AA
|
|
|
| Class C notes
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| Amount: | €30 million
|
| Securities: | Senior secured deferrable floating-rate notes
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| Coupon: | Euribor plus 240 bps
|
| Ratings: | Moody’s: A2
|
| S&P: A
|
|
|
| Class D notes
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| Amount: | €22.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 350 bps
|
| Ratings: | Moody’s: Baa3
|
| S&P: BBB
|
|
|
| Class E notes
|
| Amount: | €22.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 583 bps
|
| Ratings: | Moody’s: Ba3
|
| S&P: BB
|
|
|
| Class F notes
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| Amount: | €7.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 794 bps
|
| Ratings: | Moody’s: B3
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| S&P: B
|
|
|
| Class M-1 equity
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| Amount: | €38.05 million
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| Securities: | Subordinated notes
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| Ratings: | Non-rated
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|
|
| Class M-2 equity
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| Amount: | €1 million
|
| Securities: | Subordinated notes
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| Ratings: | Non-rated
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