CVC Credit Partners markets $499.9 million eight-part Apidos CLO XXIII

By Cristal Cody

Tupelo, Miss., Nov. 30 – CVC Credit Partners, LLC plans to price a $499,875,000 collateralized loan obligation offering of notes due 2027, a market source said.

The Apidos CLO XXIII/Apidos CLO XXIII LLC deal includes $310 million of class A-1 senior secured floating-rate notes (Aaa/AAA); $45.16 million of class A-2A senior secured floating-rate notes (Aa2); $21.84 million of class A-2B senior secured fixed-rate notes (Aa2); $28.9 million of class B mezzanine deferrable floating-rate notes (A2); $31.3 million of class C mezzanine deferrable floating-rate notes (Baa3); $6.11 million of class D-1 mezzanine deferrable floating-rate notes (Ba3); $16.69 million of class D-2 mezzanine deferrable floating-rate notes (Ba3) and $39,875,000 million of subordinated notes.

Citigroup Global Markets Inc. is the placement agent.

CVC Credit Partners will manage the CLO.

The CLO has a two-year non-call period and a 4½-year reinvestment period.

The deal is backed primarily by broadly syndicated first-lien senior secured corporate loans.

CVC Credit Partners has priced three new CLOs and brought one CLO refinancing deal year to date.

The New York City-based subsidiary of London-based CVC Capital Partners Ltd. printed three CLOs in 2014.

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