By Cristal Cody
Tupelo, Miss., April 9 - Apidos CLO XII/Apidos CLO XII LLC sold $523 million of fixed- and floating-rate notes and subordinated notes due April 15, 2025, according to a market source.
In the offering, Apidos priced $3 million of class X senior secured floating-rate notes (Aaa) at Libor plus 90 basis points; $314 million of class A senior secured floating-rate notes (Aaa) at Libor plus 110 bps; $55.25 million of class B-1 senior secured floating-rate notes at Libor plus 175 bps; $12.5 million of 3.22% class B-2 senior secured fixed-rate notes; $33.5 million of class C mezzanine secured deferrable floating-rate notes at Libor plus 280 bps; $25.25 million of class D mezzanine secured deferrable floating-rate notes at Libor plus 305 bps; $21 million of class E mezzanine secured deferrable floating-rate notes at Libor plus 440 bps; $12.25 million of class F mezzanine secured deferrable floating-rate notes at Libor plus 490 bps and an equity tranche of $46.25 million of subordinated notes.
The notes have a non-call period that ends in April 2015.
Merrill Lynch, Pierce, Fenner & Smith Inc. was the underwriter.
The cash-flow CLO is backed by broadly syndicated first-lien senior secured loans and will be managed by CVC Credit Partners, LLC, a unit of London-based private equity firm CVC Capital Partners Ltd.
| Issuer: | Apidos CLO XII/Apidos CLO XII LLC
|
| Amount: | $523 million
|
| Maturity: | April 15, 2025
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash-flow CLO
|
| Placement agent: | Merrill Lynch, Pierce, Fenner & Smith Inc.
|
| Manager: | CVC Credit Partners, LLC
|
| Call feature: | April 2015
|
| Settlement date: | April 18
|
|
|
| Class X notes
|
| Amount: | $3 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 90 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A notes
|
| Amount: | $314 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 110 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class B-1 notes
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| Amount: | $55.25 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
|
|
| Class B-2 notes
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| Amount: | $12.5 million
|
| Securities: | Senior secured fixed-rate notes
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| Coupon: | 3.22%
|
|
|
| Class C notes
|
| Amount: | $33.5 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 280 bps
|
|
|
| Class D notes
|
| Amount: | $25.25 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 305 bps
|
|
|
| Class E notes
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| Amount: | $21 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 440 bps
|
|
|
| Class F notes
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| Amount: | $12.25 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 490 bps
|
|
|
| Equity tranche
|
| Amount: | $46.25 million
|
| Securities: | Subordinated notes
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