By Cristal Cody
Tupelo, Miss., April 4 - CVC Credit Partners Group Ltd. priced €450 million of notes due 2027 in the CVC Cordatus Loan Fund III 2014-3 Ltd. collateralized loan obligation transaction in a private placement offering, according to an informed source on Friday.
The CLO priced €235.5 million of class A-1 senior secured floating-rate notes (Aaa//AAA) at Euribor plus 135 basis points and €21.1 million of 2.61% class A-2 senior secured fixed-rate notes (Aaa//AAA) at the top of the capital structure.
The CLO also priced €38 million of class B-1 senior secured floating-rate notes (Aa2//AA) at Euribor plus 180 bps, €14.5 million of 3.42% class B-2 senior secured fixed-rate notes (Aa2//AA), €14.7 million of class C-1 senior secured deferrable floating-rate notes (A2//A+) at Euribor plus 260 bps, €9.4 million of 4.15% class C-2 senior secured deferrable fixed-rate notes (A2//A+), €21.6 million of class D senior secured deferrable floating-rate notes (Baa2//BBB+) at Euribor plus 340 bps, €33.8 million of class E senior secured deferrable floating-rate notes (Ba2//BB) at Euribor plus 480 bps and €13.5 million of class F senior secured deferrable floating-rate notes (B2//B-) at Euribor plus 600 bps.
The deal included €47.9 million of subordinated notes.
Goldman Sachs & Co. arranged the offering.
The CLO portfolio will be managed by CVC Credit Partners Group and sub-manager CVC Credit Partners Investment Management Ltd.
Proceeds from the deal will be used to purchase a €436.5 million portfolio comprised mostly of European leveraged loans and bonds.
CVC Credit Partners, the credit management arm of London-based private equity firm CVC Capital Partners Ltd., manages U.S. and European CLOs.
| Issuer: | CVC Cordatus Loan Fund III 2014-3 Ltd.
|
| Amount: | €450 million
|
| Maturity: | 2027
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Goldman Sachs & Co.
|
| Manager: | CVC Credit Partners Group Ltd.
|
| Sub-manager: | CVC Credit Partners Investment Management Ltd.
|
| Pricing date: | March 27
|
| Settlement date: | May 8
|
| Distribution: | Private placement
|
|
|
| Class A-1 notes
|
| Amount: | €235.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 135 bps
|
| Ratings: | Moody's: Aaa
|
| Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | €21.1 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.61%
|
| Ratings: | Moody's: Aaa
|
| Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | €38 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 180 bps
|
| Ratings: | Moody's: Aa2
|
| Fitch: AA
|
|
|
| Class B-2 notes
|
| Amount: | €14.5 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 3.42%
|
| Ratings: | Moody's: Aa2
|
| Fitch: AA
|
|
|
| Class C-1 notes
|
| Amount: | €14.7 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 260 bps
|
| Ratings: | Moody's: A2
|
| Fitch: A+
|
|
|
| Class C-2 notes
|
| Amount: | €9.4 million
|
| Securities: | Senior secured deferrable fixed-rate notes
|
| Coupon: | 4.15%
|
| Ratings: | Moody's: A2
|
| Fitch: A+
|
|
|
| Class D notes
|
| Amount: | €21.6 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 340 bps
|
| Ratings: | Moody's: Baa2
|
| Fitch: BBB+
|
|
|
| Class E notes
|
| Amount: | €33.8 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 480 bps
|
| Ratings: | Moody's: Ba2
|
| Fitch: BB
|
|
|
| Class F notes
|
| Amount: | €13.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 600 bps
|
| Ratings: | Moody's: B2
|
| Fitch: B-
|
|
|
| Equity tranche
|
| Amount: | €47.9 million
|
| Securities: | Subordinated notes
|
| Rating: | Non-rated
|
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