Chicago, Oct. 20 – CVC Credit Partners European CLO Management LLP refinanced for €548.3 million the collateralized loan obligation issued by CVC Cordatus Loan Fund XVII DAC, according to an offering circular.
The notes will mature on Nov. 18, 2033.
The CLO now consists of €334.8 million of class A senior secured floating-rate notes at Euribor plus 94 basis points, €32.35 million of class B-1 senior secured floating-rate notes at Euribor plus 160 bps, €20.3 million of class B-2 2% senior secured fixed-rate notes, €33.75 million of class C senior secured deferrable floating-rate notes at Euribor plus 215 bps, €39.15 million of class D senior secured deferrable floating-rate notes at Euribor plus 315 bps, €25.65 million of class E senior secured deferrable floating-rate notes at Euribor plus 612 bps, €16.2 million of class F senior secured deferrable floating-rate notes at Euribor plus 856 bps and €45.1 million of class M-1 subordinated notes with another €1 million of class M-2 subordinated notes.
The original CLO had €163.45 million of class A senior secured floating-rate notes at Euribor plus 195 bps, €19.95 million of 2.9% class B senior secured fixed-rate notes, €30 million of class C senior secured deferrable floating-rate notes at Euribor plus 315 bps, €16 million of class D senior secured deferrable floating-rate notes at Euribor plus 534 bps and €14 million of class E senior secured deferrable floating-rate notes at Euribor plus 708 bps.
The transaction also initially included the same €45.1 million of class M1 subordinated notes and €1 million of class M-2 subordinated notes.
CVC Credit Partners European CLO Management LLP will manage the collateral through the end of the reinvestment period on Nov. 18, 2025.
The notes can be called starting Jan. 2, 2023.
Natixis was the placement agent.
CVC is the credit management arm of London-based private equity firm CVC Capital Partners Ltd.
| Issuer: | CVC Cordatus Loan Fund XVII DAC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | €548.3 million
|
| Maturity: | Nov. 18, 2033
|
| Structure: | Cash flow CLO
|
| Placement agent: | Natixis
|
| Manager: | CVC Credit Partners European CLO Management LLP
|
| Call feature: | Jan. 2, 2023
|
| Settlement date: | July 1
|
|
|
| Class A notes
|
| Amount: | €334.8 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 94 bps
|
| Price: | Par
|
| Rating: | Moody's: Aaa
|
| S&P: AAA
|
|
|
| Class B-1 notes
|
| Amount: | €32.35 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 160 bps
|
| Price: | Par
|
| Rating: | Moody's: Aa2
|
| S&P: AA
|
|
|
| Class B-2 notes
|
| Amount: | €20.3 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2%
|
| Price: | Par
|
| Rating: | Moody's: Aa2
|
| S&P: AA
|
|
|
| Class C notes
|
| Amount: | €33.75 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 215 bps
|
| Price: | Par
|
| Rating: | Moody's: A2
|
| S&P: A
|
|
|
| Class D notes
|
| Amount: | €39.15 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 315 bps
|
| Price: | Par
|
| Rating: | Moody's: Baa3
|
| S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | €25.65 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 612 bps
|
| Price: | 98
|
| Rating: | Moody's: Ba3
|
| S&P: BB-
|
|
|
| Class F notes
|
| Amount: | €16.2 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 856 bps
|
| Price: | 97
|
| Rating: | Moody's: B3
|
| S&P: B-
|
|
|
| M-1 subordinated notes
|
| Amount: | €45.1 million
|
| Securities: | Subordinated notes
|
|
|
| M-2 subordinated notes
|
| Amount: | €1 million
|
| Securities: | Subordinated notes
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
