By Cristal Cody
Tupelo, Miss., Nov. 20 – CVC Credit Partners Group Ltd. priced €400 million of notes due 2028 in the CVC Cordatus Loan Fund IV Ltd. collateralized loan obligation transaction, according to a market source.
The CLO priced €225.4 million of class A senior secured floating-rate notes at Euribor plus 130 basis points; €22.6 million of class B-1 senior secured floating-rate notes at Euribor plus 220 bps; €24 million of 3.1% class B-2 senior secured fixed-rate notes; €24.9 million of class C senior secured deferrable floating-rate notes at Euribor plus 290 bps; €18.6 million of class D senior secured deferrable floating-rate notes at Euribor plus 380 bps; €27.6 million of class E senior secured deferrable floating-rate notes at Euribor plus 590 bps; €12.9 million of class F senior secured deferrable floating-rate notes at Euribor plus 650 bps and €44 million of subordinated notes.
Goldman Sachs International was the placement agent.
The CLO will be managed by CVC Credit Partners.
The offering is collateralized primarily by senior secured obligations.
Proceeds from the deal will be used to purchase a €388.6 million portfolio comprised mainly of European leveraged loans and bonds.
CVC Credit Partners was last in the European primary market in March with the €450 million CVC Cordatus Loan Fund III 2014-3 Ltd. transaction.
The credit management arm of London-based private equity firm CVC Capital Partners Ltd. manages U.S. and European CLOs.
| Issuer: | CVC Cordatus Loan Fund IV Ltd.
|
| Amount: | €400 million
|
| Maturity: | 2028
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Goldman Sachs International
|
| Manager: | CVC Credit Partners Group Ltd.
|
| Pricing date: | Nov. 19
|
| Settlement date: | Dec. 29
|
|
|
| Class A notes
|
| Amount: | €225.4 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 130 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | €22.6 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 220 bps
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class B-2 notes
|
| Amount: | €24 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 3.1%
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class C notes
|
| Amount: | €24.9 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 290 bps
|
| Ratings: | Moody’s: A2
|
| Fitch: A
|
|
|
| Class D notes
|
| Amount: | €18.6 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 380 bps
|
| Ratings: | Moody’s: Baa2
|
| Fitch: BBB
|
|
|
| Class E notes
|
| Amount: | €27.6 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 590 bps
|
| Ratings: | Moody’s: Ba2
|
| Fitch: BB
|
|
|
| Class F notes
|
| Amount: | €12.9 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 650 bps
|
| Ratings: | Moody’s: B2
|
| Fitch: B-
|
|
|
| Equity tranche
|
| Amount: | €44 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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