By Cristal Cody
Tupelo, Miss., Dec. 18 – CVP CLO Advisors LLC sold $408.65 million of notes due Jan. 20, 2031 in the CVP CLO 2017-2 Ltd./CVP CLO 2017-2 LLC deal on Friday, according to a market source.
The CLO priced $238.5 million of class A floating-rate notes at Libor plus 119 basis points; $67 million of class B floating-rate notes at Libor plus 168 bps; $22.25 million of class C deferrable floating-rate notes at Libor plus 210 bps; $19.75 million of class D deferrable floating-rate notes at Libor plus 265 bps; $20.25 million of class E deferrable floating-rate notes at Libor plus 630 bps and $40.9 million of subordinated notes.
Jefferies LLC was the placement agent.
CVP CLO Advisors will manage the CLO.
The CLO has a two-year non-call period and a five-year reinvestment period.
The notes are collateralized by broadly syndicated senior secured corporate loans.
CVP CLO Advisors is a subsidiary of New York-based asset management firm New York Life Investments.
| Issuer: | CVP CLO 2017-2 Ltd./CVP CLO 2017-2 LLC
|
| Amount: | $408.65 million
|
| Maturity: | Jan. 20, 2031
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Jefferies LLC
|
| Manager: | CVP CLO Advisors LLC
|
| Call feature: | Two years
|
| Pricing date: | Dec. 15
|
| Refinancing date: | Jan. 22
|
|
|
| Class A notes
|
| Amount: | $238.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 119 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $67 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 168 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $22.25 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 210 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $19.75 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 265 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $20.25 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 630 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $40.9 million
|
| Securities: | Subordinated notes
|
| Rating: | Non-rated
|
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