By Cristal Cody
Tupelo, Miss., March 30 – CVC Credit Partners, LLC refinanced $370,825,000 of notes due July 15, 2023 with tighter spreads in the Apidos CLO IX/Apidos CLO IX LLC transaction, according to a market source.
The CLO priced $267,375,000 of class A senior secured floating-rate notes at Libor plus 130 basis points, 10 bps better than the original pricing.
The CLO refinanced $37.9 million of class B senior secured floating-rate notes at Libor plus 185 bps. The tranche originally priced at Libor plus 235 bps.
The CLO sold $26.65 million of class C senior secured deferrable floating-rate notes at Libor plus 290 bps, 85 bps tighter than the original pricing.
The CLO placed $21.5 million of class D senior secured deferrable floating-rate notes at Libor plus 390 bps, 110 bps in from where the tranche originally priced.
The CLO also sold $17.4 million of class E senior secured deferrable notes at Libor plus 610 bps, better than where the notes originally priced at Libor plus 650 bps.
Credit Suisse Securities (USA) LLC was the refinancing agent.
CVC Credit Partners is the CLO manager.
The deal originally priced in July 2012.
The CLO is backed primarily by broadly syndicated senior secured corporate loans.
CVC Credit Partners is the New York City-based credit management arm of private equity firm CVC Capital Partners Ltd.
| Issuer: | Apidos CLO IX/Apidos CLO IX LLC
|
| Amount: | $370,825,000 refinancing
|
| Maturity: | July 15, 2023
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Credit Suisse Securities (USA) LLC
|
| Manager: | CVC Credit Partners, LLC
|
| Pricing date: | March 27
|
|
|
| Class A notes
|
| Amount: | $267,375,000
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 130 bps
|
| Ratings: | Moody’s: Aaa
|
| Standard & Poor’s: AAA
|
|
|
| Class B notes
|
| Amount: | $37.9 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 185 bps
|
| Rating: | Standard & Poor’s: AA
|
|
|
| Class C notes
|
| Amount: | $26.65 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 290 bps
|
| Rating: | Standard & Poor’s: A
|
|
|
| Class D notes
|
| Amount: | $21.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 390 bps
|
| Rating: | Standard & Poor’s: BBB
|
|
|
| Class E notes
|
| Amount: | $17.4 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 610 bps
|
| Rating: | Standard & Poor’s: BB
|
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