By Cristal Cody
Tupelo, Miss., March 24 - CVC Credit Partners, LLC priced $519.25 million of notes due May 1, 2026 in a collateralized loan obligation, according to a market source on Monday.
Apidos CLO XVII/Apidos CLO XVII LLC sold $2.5 million of class X senior secured floating-rate notes (//AAA) at Libor plus 100 basis points, $294 million of class A-1A senior secured floating-rate notes (//AAA) at Libor 150 bps and $20 million of 3.46% class A-1B senior secured fixed-rate notes (//AAA) at the top of the capital structure.
The CLO also priced $47.5 million of class A-2A floating-rate notes at Libor plus 205 bps; $20 million of 4.25% class A-2B fixed-rate notes; $28.5 million of class B floating-rate notes at Libor plus 285 bps; $28.5 million of class C floating-rate notes at Libor plus 330 bps; $24.5 million of class D floating-rate notes at Libor plus 475 bps; $11.5 million of class E floating-rate notes at Libor plus 550 bps and $42.25 million of subordinated notes.
BofA Merrill Lynch was the placement agent.
CVC Credit Partners will manage the CLO, which is backed primarily by first lien senior secured corporate loans.
The CLO has a two-year non-call period and a four-year reinvestment period.
CVC Credit Partners, the credit management arm of London-based private equity firm CVC Capital Partners Ltd., plans to use the proceeds to purchase a portfolio of about $500 million of leveraged loans.
CVC Credit Partners was in the market in 2013 with the $617.36 million Apidos CLO IV/Apidos CLO XIV LLC transaction, $512.7 million Apidos CLO XV/Apidos CLO XV LLC deal and the $625 million Apidos CLO XVI/Apidos CLO XVI LLC offering.
| Issuer: | Apidos CLO XVII/Apidos CLO XVII LLC
|
| Amount: | $519.25 million
|
| Maturity: | May 1, 2026
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | BofA Merrill Lynch
|
| Manager: | CVC Credit Partners, LLC
|
| Call feature: | 2016
|
| Pricing date: | March 20
|
| Settlement date: | May 1
|
| Distribution: | Rule 144A
|
|
|
| Class X notes
|
| Amount: | $2.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 100 bps
|
| Ratings: | Fitch: AAA
|
|
|
| Class A-1A notes
|
| Amount: | $294 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 150 bps
|
| Ratings: | Fitch: AAA
|
|
|
| Class A-1B notes
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| Amount: | $20 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 3.46%
|
| Ratings: | Fitch: AAA
|
|
|
| Class A-2A notes
|
| Amount: | $47.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 205 bps
|
| Ratings: | Non-rated
|
|
|
| Class A-2B notes
|
| Amount: | $20 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 4.25%
|
| Ratings: | Non-rated
|
|
|
| Class B notes
|
| Amount: | $28.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 285 bps
|
| Ratings: | Non-rated
|
|
|
| Class C notes
|
| Amount: | $28.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 330 bps
|
| Ratings: | Non-rated
|
|
|
| Class D notes
|
| Amount: | $24.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 475 bps
|
| Ratings: | Non-rated
|
|
|
| Class E notes
|
| Amount: | $11.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 550 bps
|
| Ratings: | Non-rated
|
|
|
| Equity tranche
|
| Amount: | $42.25 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
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