By Cady Vishniac
Detroit, Jan. 20 – CVC Credit Partners Group Ltd. priced €378.7 million of notes due Dec. 23, 2033 in a new broadly syndicated collateralized loan obligation offering, according to market sources.
CVC Cordatus Loan Fund XIX DAC sold €1.6 million of class X senior secured floating-rate notes at Euribor plus 45 basis points, €228.7 million of class A senior secured floating-rate notes at Euribor plus 106 bps, €27.8 million of class B-1 senior secured floating-rate notes at Euribor plus 170 bps and €13.5 million of class B-2 senior secured 2% fixed-rate notes.
The CLO also priced €23.4 million of class C senior secured deferrable floating-rate notes at Euribor plus 270 bps, €24.4 million of class D senior secured deferrable floating-rate notes at Euribor plus 380 bps, €18.8 million of class E senior secured deferrable floating-rate notes at Euribor plus 581 bps and €11.2 million of class F senior secured deferrable floating-rate notes at Euribor plus 797 bps.
The deal included €28.3 million of class M-1 subordinated notes and €1 million of class M-2 subordinated notes.
CVC Credit Partners European CLO Management LLP will manage the CLO.
The offering is backed primarily by euro-denominated senior secured obligations and features a four-year reinvestment period.
CVC, the credit management arm of London-based private equity firm CVC Capital Partners Ltd., has priced two euro-denominated CLOs year to date.
| Issuer: | CVC Cordatus Loan Fund XIX DAC
|
| Amount: | €378.7 million
|
| Maturity: | Dec. 23, 2033
|
| Securities: | Floating-rate, fixed-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Manager: | CVC Credit Partners European CLO Management LLP
|
| Settlement date: | Jan. 20
|
|
|
| Class X notes
|
| Amount: | €1.6 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 45 bps
|
| Ratings: | Moody’s: Aaa
|
|
|
| Class A notes
|
| Amount: | €228.7 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 106 bps
|
| Ratings: | Moody’s: Aaa
|
|
|
| Class B-1 notes
|
| Amount: | €27.8 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 170 bps
|
| Ratings: | Moody’s: Aa2
|
|
|
| Class B-2 notes
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| Amount: | €13.5 million
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| Securities: | Senior secured fixed-rate notes
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| Coupon: | 2%
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| Ratings: | Moody’s: Aa2
|
|
|
| Class C notes
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| Amount: | €23.4 million
|
| Securities: | Senior secured deferrable floating-rate notes
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| Coupon: | Euribor plus 270 bps
|
| Ratings: | Moody’s: A2
|
|
|
| Class D notes
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| Amount: | €24.4 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 380 bps
|
| Ratings: | Moody’s: Baa3
|
|
|
| Class E notes
|
| Amount: | €18.8 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 581 bps
|
| Ratings: | Moody’s: Ba3
|
|
|
| Class F notes
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| Amount: | €11.2 million
|
| Securities: | Senior secured deferrable floating-rate notes
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| Coupon: | Euribor plus 797 bps
|
| Ratings: | Moody’s: B3
|
|
|
| Class M-1 equity
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| Amount: | €28.3 million
|
| Securities: | Subordinated notes
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| Ratings: | Non-rated
|
|
|
| Class M-2 equity
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| Amount: | €1 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
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