By Cristal Cody
Tupelo, Miss., Nov. 16 – CVC Credit Partners, LLC sold $768.35 million of notes due Jan. 20, 2031 in the new Apidos CLO XXVIII/Apidos CLO XXVIII LLC transaction, according to market sources.
The CLO priced $435 million of class A-1A floating-rate notes at a discount margin of Libor plus 113 basis points; $52.5 million of class A-1B floating-rate notes at a discount margin of Libor plus 115 bps; $70.5 million of class A-2 floating-rate notes at a discount margin of Libor plus 140 bps; $51 million of class B deferrable floating-rate notes at a discount margin of Libor plus 170 bps; $51 million of class C deferrable floating-rate notes at a discount margin of Libor plus 250 bps; $30 million of class D deferrable floating-rate notes at a discount margin of Libor plus 550 bps and $78.35 million of subordinated notes.
Citigroup Global Markets Inc. was the placement agent.
CVC Credit Partners will manage the CLO.
The CLO has a two-year non-call period and a five-year reinvestment period.
The deal is backed primarily by broadly syndicated senior secured corporate loans.
CVC Credit Partners has priced three new CLOs and refinanced four vintage CLOs year to date.
The New York-based subsidiary of London-based CVC Capital Partners Ltd. priced two new CLOs and refinanced two CLOs in 2016.
| Issuer: | Apidos CLO XXVIII/Apidos CLO XXVIII LLC
|
| Amount: | $768.35 million
|
| Maturity: | Jan. 20, 2031
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | CVC Credit Partners, LLC
|
| Call feature: | Two years
|
| Pricing date: | Nov. 9
|
| Settlement date: | Dec. 21
|
| Distribution: | Rule 144A
|
|
|
| Class A-1A notes
|
| Amount: | $435 million
|
| Securities: | Floating-rate notes
|
| Discount margin: | Libor plus 113 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1B notes
|
| Amount: | $52.5 million
|
| Securities: | Floating-rate notes
|
| Discount margin: | Libor plus 115 bps
|
| Ratings: | Non-rated
|
|
|
| Class A-2 notes
|
| Amount: | $70.5 million
|
| Securities: | Floating-rate notes
|
| Discount margin: | Libor plus 140 bps
|
| Rating: | S&P: AA
|
|
|
| Class B notes
|
| Amount: | $51 million
|
| Securities: | Deferrable floating-rate notes
|
| Discount margin: | Libor plus 170 bps
|
| Rating: | S&P: A
|
|
|
| Class C notes
|
| Amount: | $51 million
|
| Securities: | Deferrable floating-rate notes
|
| Discount margin: | Libor plus 250 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class D notes
|
| Amount: | $30 million
|
| Securities: | Deferrable floating-rate notes
|
| Discount margin: | Libor plus 550 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $78.35 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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