CVC plans $571 million of notes in Apidos CLO XVI deal

By Rebecca Melvin

New York, Dec. 3 - CVC Credit Partners, LLC plans to sell $571 million of notes due January 2025 in a typical cash-flow collateralized loan obligation, according to market sources.

The CLO will be sold via Apidos CLO XVI/Apidos CLO XVI LLC and is expected to close Jan. 9, 2014.

The deal includes $383 million of class A-1 senior secured floating-rate notes (Aaa/AAA/); $34.50 million of class A-2A senior secured floating-rate notes (/AA/); $30 million of class A-2B senior secured fixed-rate notes (/AA/); $3.75 million of class X senior secured floating-rate notes (/AAA/); $46 million of class B mezzanine deferrable floating-rate notes; $31.25 million of class C mezzanine deferrable fixed-rate notes (/BBB/); $27.5 million of class D mezzanine deferrable floating-rate notes (/BB/); $15 million of class E mezzanine deferrable floating-rate notes (/B/); and $54 million of subordinated notes.

Credit Suisse Securities (USA) LLC is arranging the deal.

CVC Credit Partners, the credit management arm of London-based private equity firm CVC Capital Partners Ltd., is the CLO manager.

The CLO is backed by a $600 million broadly syndicated loan portfolio.

The firm priced the $512.7 million Apidos CLO XV/Apidos CLO XV LLC deal in October and the $617.36 million Apidos CLO XIV/Apidos CLO XIV LLC deal in June.

CVC Credit Partners manages U.S. and European CLOs.

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