Chicago, Dec. 8 – CVC Credit Partners LLC sold $508.4 million in a collateralized loan obligation being issued by Apidos CLO XXXVIII Ltd./Apidos CLO XXXVIII LLC, according to a pre-sale report.
The notes will mature on Jan. 21, 2034.
The CLO consists of $310 million of class A senior secured floating-rate notes at Libor plus 113 basis points, $10 million of class AJ senior secured floating-rate notes at Libor plus 145 bps, $60 million of class B senior secured floating-rate notes at Libor plus 170 bps, $30 million of class C senior secured deferrable floating-rate notes at Libor plus 210 bps, $30 million of class D senior secured deferrable floating-rate notes at Libor plus 320 bps, $20 million of class E senior secured deferrable floating-rate notes at Libor plus 660 bps and $48.4 million of subordinated notes.
CVC Credit Partners LLC will manage the collateral through the end of the reinvestment period on Jan. 21, 2027.
Collateral for the notes comes from senior secured loans, cash and eligible investments with most borrowers based in the United States.
The notes can be called starting Jan. 21, 2024.
BofA Securities Inc. was the placement agent.
The collateral manager is a New York-based subsidiary of London-based CVC Capital Partners Ltd.
| Issuer: | Apidos CLO XXXVIII Ltd./Apidos CLO XXXVIII LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $508.4 million
|
| Maturity: | Jan. 21, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | BofA Securities Inc.
|
| Manager: | CVC Credit Partners LLC
|
| Call feature: | Jan. 21, 2024
|
| Settlement date: | Dec. 16
|
|
|
| Class A notes
|
| Amount: | $310 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 113 bps
|
| Rating: | S&P: AAA
|
|
|
| Class AJ notes
|
| Amount: | $10 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 145 bps
|
| Rating: | S&P: NR
|
|
|
| Class B notes
|
| Amount: | $60 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 210 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 320 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $20 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 660 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $48.4 million
|
| Securities: | Subordinated notes
|
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