Chicago, May 10 – CVC Credit Partners LLC refinanced eight classes of notes for $371.1 million from the Apidos CLO XI/Apidos CLO XI LLC collateralized loan obligation offering, a third refinancing for the portfolio, according to a notice.
The maturity date has been extended to April 17, 2034.
The refinancing includes the $5 million of class X-R3 floating-rate notes at Libor plus 95 basis points, $246.5 million of class A-R3 floating-rate notes at Libor plus 106 bps, $36 million of class B-R3 floating-rate notes at Libor plus 165 bps and $13.5 million of class B-R3b 3.05% fixed-rate notes.
Lower, there are $18.8 million of class C-R3 deferrable floating-rate notes at Libor plus 200 bps, $24.5 million of class D-R3 deferrable floating-rate notes at Libor plus 375 bps, $20.8 million of class E-R3 deferrable floating-rate notes at Libor plus 657 bps and $6 million of class F-R3 deferrable floating-rate notes at Libor plus 820 bps.
There are $43 million subordinates notes that remain outstanding.
Apidos CLO XI priced, in the previous refinancing, $260 million of class A-RR floating-rate notes at Libor plus 120 bps and $46 million of class B-RR floating-rate notes at Libor plus 170 bps.
The $24 million of class C-RR deferrable floating-rate notes priced at Libor plus 250 bps, while the $22 million of class D-RR deferrable floating-rate notes were sold at Libor plus 385 bps.
The CLO also placed $16 million of class E-RR deferrable floating-rate notes at Libor plus 701 bps and $5.95 million of class F-RR deferrable floating-rate notes at Libor plus 945 bps.
In the $370.65 million first reprint, the CLO sold $4 million of class X floating-rate notes at Libor plus 120 bps, $254.35 million of class A-R floating-rate notes at Libor plus 144 bps, $43.75 million of class B-R floating-rate notes at Libor plus 195 bps, $30.1 million of class C-R deferrable floating-rate notes at Libor plus 270 bps, $21.95 million of class D-R deferrable floating-rate notes at Libor plus 405 bps and $16.5 million of class E-R deferrable floating-rate notes at Libor plus 765 bps.
CVC Credit Partners LLC continues to manage the collateral for the CLO through the end of the five-year reinvestment period.
Most of the collateral comes from senior secured loans, cash and eligible investments.
CVC Credit Partners is a New York-based subsidiary of London-based CVC Capital Partners Ltd.
| Issuers: | Apidos CLO XI/Apidos CLO XI LLC
|
| Issue: | Floating-rate and fixed-rate notes
|
| Structure: | Cash flow CLO
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| Amount: | $371.1 million
|
| Maturity: | April 17, 2034
|
| Manager: | CVC Credit Partners LLC
|
| Announcement date: | April 29
|
|
|
| Class X-R3 notes
|
| Amount: | $5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 95 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A-R3 notes
|
| Amount: | $246.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 106 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class B-R3 notes
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| Amount: | $36 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Rating: | Moody's: Aa2
|
|
|
| Class B-R3b notes
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| Amount: | $13.5 million
|
| Securities: | Fixed-rate notes
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| Coupon: | 3.05%
|
| Rating: | Moody's: Aa2
|
|
|
| Class C-R3 notes
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| Amount: | $18.8 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Rating: | Moody's: A2
|
|
|
| Class D-R3 notes
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| Amount: | $24.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 375 bps
|
| Rating: | Moody's: Baa3
|
|
|
| Class E-R3 notes
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| Amount: | $20.8 million
|
| Securities: | Deferrable floating-rate notes
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| Coupon: | Libor plus 657 bps
|
| Rating: | Moody's: Ba3
|
|
|
| Class F-R3 notes
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| Amount: | $6 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 820 bps
|
| Rating: | Moody's: B3
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