By Cristal Cody
Tupelo, Miss., Dec. 7 – CVC Credit Partners, LLC priced a $499.88 million collateralized loan obligation offering of notes due Jan. 15, 2027, a market source said.
Apidos CLO XXIII/Apidos CLO XXIII LLC sold $310 million of class A-1 senior secured floating-rate notes (Aaa/AAA) at Libor plus 149 basis points; $45.16 million of class A-2A senior secured floating-rate notes (Aa2) at Libor plus 225 bps and $21.84 million of 4.06% class A-2B senior secured fixed-rate notes (Aa2).
The CLO also priced $28.9 million of class B mezzanine deferrable floating-rate notes (A2) at Libor plus 320 bps; $31.3 million of class C mezzanine deferrable floating-rate notes (Baa3) at Libor plus 465 bps; $6.11 million of class D-1 mezzanine deferrable floating-rate notes (Ba3) at Libor plus 770 bps; $16.69 million of class D-2 mezzanine deferrable floating-rate notes (Ba3) at Libor plus 595 bps and $39.88 million of subordinated notes.
Citigroup Global Markets Inc. was the placement agent.
CVC Credit Partners will manage the CLO.
The CLO has a two-year non-call period and a 4˝-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.
| Issuer: | Apidos CLO XXIII/Apidos CLO XXIII LLC
|
| Amount: | $499.88 million
|
| Maturity: | Jan. 15, 2027
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | CVC Credit Partners, LLC
|
| Call feature: | Two years
|
| Pricing date: | Dec. 3
|
| Settlement date: | Dec. 29
|
|
|
| Class A-1 notes
|
| Amount: | $310 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 149 bps
|
| Ratings: | Moody’s: Aaa
|
| Standard & Poor’s: AAA
|
|
|
| Class A-2A notes
|
| Amount: | $45.16 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 225 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class A-2B notes
|
| Amount: | $21.84 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 4.06%
|
| Rating: | Moody’s: Aa2
|
|
|
| Class B notes
|
| Amount: | $28.9 million
|
| Securities: | Mezzanine deferrable floating-rate notes
|
| Coupon: | Libor plus 320 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class C notes
|
| Amount: | $31.3 million
|
| Securities: | Mezzanine deferrable floating-rate notes
|
| Coupon: | Libor plus 465 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class D-1 notes
|
| Amount: | $6.11 million
|
| Securities: | Mezzanine deferrable floating-rate notes
|
| Coupon: | Libor plus 770 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Class D-2 notes
|
| Amount: | $16.69 million
|
| Securities: | Mezzanine deferrable floating-rate notes
|
| Coupon: | Libor plus 595 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Equity
|
| Amount: | $39.88 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
