By Cristal Cody
Eureka Springs, Ark., July 27 – CVC Credit Partners, LLC priced $409 million of notes due July 20, 2027 in the firm’s first U.S. collateralized loan obligation deal of 2016, according to a market source.
Apidos CLO XXIV/Apidos CLO XXIV LLC sold $248 million of class A-1 senior secured floating-rate notes at a discount margin of Libor plus 151 basis points; $50 million of class A-2 senior secured floating-rate notes at a discount margin of Libor plus 200 bps; $32 million of class B mezzanine deferrable floating-rate notes at a discount margin of Libor plus 270 bps; $20 million of class C mezzanine deferrable floating-rate notes at a discount margin of Libor plus 435 bps; $18 million of class D mezzanine deferrable floating-rate notes at a discount margin of Libor plus 795 bps and $41 million of subordinated notes.
BofA Merrill Lynch was the placement agent.
CVC Credit Partners will manage the CLO.
The CLO has a non-call period that ends July 20, 2018 and a reinvestment period that ends Jan. 20, 2021.
The deal is backed primarily by broadly syndicated senior secured term loans.
CVC Credit Partners brought to market three CLO deals and one CLO refinancing transaction in 2015.
The subsidiary of London-based CVC Capital Partners Ltd. is based in New York City.
| Issuer: | Apidos CLO XXIV/Apidos CLO XXIV LLC
|
| Amount: | $409 million
|
| Maturity: | July 20, 2027
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | BofA Merrill Lynch
|
| Manager: | CVC Credit Partners, LLC
|
| Call feature: | July 20, 2018
|
| Pricing date: | July 22
|
| Settlement date: | Aug. 25
|
|
|
| Class A-1 notes
|
| Amount: | $248 million
|
| Securities: | Senior secured floating-rate notes
|
| Discount margin: | Libor plus 151 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class A-2 notes
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| Amount: | $50 million
|
| Securities: | Senior secured floating-rate notes
|
| Discount margin: | Libor plus 200 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class B notes
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| Amount: | $32 million
|
| Securities: | Mezzanine deferrable floating-rate notes
|
| Discount margin: | Libor plus 270 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class C notes
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| Amount: | $20 million
|
| Securities: | Mezzanine deferrable floating-rate notes
|
| Coupon: | Libor plus 435 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class D notes
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| Amount: | $18 million
|
| Securities: | Mezzanine deferrable floating-rate notes
|
| Coupon: | Libor plus 795 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Equity
|
| Amount: | $41 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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