By Cristal Cody
Tupelo, Miss., May 19 – CVC Credit Partners, LLC priced $512.9 million of notes due July 18, 2027 in a collateralized loan obligation deal, according to a market source.
Apidos CLO XXI/Apidos CLO XXI LLC sold $315 million of class A-1 floating-rate notes at Libor plus 143 basis points; $64.8 million of class A-2 floating-rate notes at Libor plus 190 bps; $24 million of class B floating-rate notes at Libor plus 270 bps; $32.2 million of class C floating-rate notes at Libor plus 355 bps; $25 million of class D floating-rate notes at Libor plus 555 bps; $9 million of class E floating-rate notes at Libor plus 645 bps and $42.9 million of subordinated notes.
J.P. Morgan Securities LLC was the placement agent.
CVC Credit Partners will manage the CLO.
The CLO has a three-year non-call period and a five-year reinvestment period.
The deal is backed primarily by broadly syndicated first-lien senior secured corporate loans.
Proceeds from the offering will be used to purchase a portfolio of about $500 million of mainly senior secured leveraged loans.
CVC Credit Partners previously was in the market with the $509.25 million Apidos CLO XX/Apidos CLO XX LLC deal on Jan. 15 and a $370.8 million refinancing of the Apidos CLO IX/Apidos CLO IX LLC transaction on March 27.
New York City-based CVC Credit Partners, a subsidiary of London-based CVC Capital Partners Ltd., placed three CLOs in 2014.
| Issuer: | Apidos CLO XXI/Apidos CLO XXI LLC
|
| Amount: | $512.9 million
|
| Maturity: | July 18, 2027
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities LLC
|
| Manager: | CVC Credit Partners, LLC
|
| Call feature: | 2018
|
| Pricing date: | May 13
|
| Settlement date: | June 18
|
| Distribution: | Rule 144A
|
|
|
| Class A-1 notes
|
| Amount: | $315 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 143 bps
|
| Ratings: | Moody’s: Aaa (expected)
|
| Fitch: AAA
|
|
|
| Class A-2 notes
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| Amount: | $64.8 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Rating: | Moody’s: Aa2 (expected)
|
|
|
| Class B notes
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| Amount: | $24 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 270 bps
|
| Rating: | Moody’s: A2 (expected)
|
|
|
| Class C notes
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| Amount: | $32.2 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 355 bps
|
| Rating: | Moody’s: Baa3 (expected)
|
|
|
| Class D notes
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| Amount: | $25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 555 bps
|
| Rating: | Moody’s: Ba3 (expected)
|
|
|
| Class E notes
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| Amount: | $9 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 645 bps
|
| Rating: | Moody’s: B3 (expected)
|
|
|
| Equity
|
| Amount: | $42.9 million
|
| Securities: | Subordinated notes
|
| Rating: | Non-rated
|
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