By Cristal Cody
Tupelo, Miss., Dec. 18 - CVC Credit Partners, LLC priced $625 million of notes due Jan. 19, 2025 in a cash flow collateralized loan obligation, according to market sources.
Apidos CLO XVI/Apidos CLO XVI LLC sold $3.75 million of class X senior secured floating-rate notes (Aaa/AAA/) at Libor plus 100 basis points and $383 million of class A-1 senior secured floating-rate notes (Aaa/AAA/) at Libor 145 bps at the top of the capital structure.
The CLO also priced $34.5 million of class A-2A senior secured floating-rate notes (/AA/) at Libor plus 170 bps; $30 million of 4.0025% class A-2B senior secured fixed-rate notes (/AA/); $46 million of class B mezzanine deferrable floating-rate notes at Libor plus 280 bps; $31.25 million of class C mezzanine deferrable floating-rate notes (/BBB/) at Libor plus 325 bps; $27.5 million of class D mezzanine deferrable floating-rate notes (/BB/) at Libor plus 450 bps; $15 million of class E mezzanine deferrable floating-rate notes (/B/) at Libor plus 575 bps and $54 million of subordinated notes.
Credit Suisse Securities (USA) LLC arranged the deal.
CVC Credit Partners manages the CLO, which is backed by a portfolio of broadly syndicated senior secured corporate loans.
The CLO is non-callable until Jan. 19, 2016. The deal has a reinvestment period that ends Jan. 19, 2018.
CVC Credit Partners was last in the market with the $512.7 million Apidos CLO XV/Apidos CLO XV LLC deal in October and the $617.36 million Apidos CLO IV/Apidos CLO XIV LLC transaction in June.
CVC Credit Partners, the credit management arm of London-based private equity firm CVC Capital Partners Ltd., manages U.S. and European CLOs.
| Issuer: | Apidos CLO XVI/Apidos CLO XVI LLC
|
| Amount: | $625 million
|
| Maturity: | Jan. 19, 2025
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Credit Suisse Securities (USA) LLC
|
| Manager: | CVC Credit Partners, LLC
|
| Call feature: | Jan. 19, 2016
|
| Settlement date: | Jan. 9
|
|
|
| Class X notes
|
| Amount: | $3.75 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 100 bps
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
|
|
| Class A-1 notes
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| Amount: | $383 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 145 bps
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
|
|
| Class A-2A notes
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| Amount: | $34.5 million
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| Securities: | Senior secured floating-rate notes
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| Coupon: | Libor plus 170 bps
|
| Rating: | Standard & Poor's: AA
|
|
|
| Class A-2B notes
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| Amount: | $30 million
|
| Securities: | Senior secured fixed-rate notes
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| Coupon: | 4.0025%
|
| Rating: | Standard & Poor's: AA
|
|
|
| Class B notes
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| Amount: | $46 million
|
| Securities: | Mezzanine deferrable floating-rate notes
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| Coupon: | Libor plus 280 bps
|
| Rating: | Standard & Poor's: A
|
|
|
| Class C notes
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| Amount: | $31.25 million
|
| Securities: | Mezzanine deferrable floating-rate notes
|
| Coupon: | Libor plus 325 bps
|
| Rating: | Standard & Poor's: BBB
|
|
|
| Class D notes
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| Amount: | $27.5 million
|
| Securities: | Mezzanine deferrable floating-rate notes
|
| Coupon: | Libor plus 450 bps
|
| Rating: | Standard & Poor's: BB
|
|
|
| Class E notes
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| Amount: | $15 million
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| Securities: | Mezzanine deferrable floating-rate notes
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| Coupon: | Libor plus 575 bps
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| Rating: | Standard & Poor's: B
|
|
|
| Equity tranche
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| Amount: | $54 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
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