By Cristal Cody
Tupelo, Miss., Feb. 1 – CVC Credit Partners, LLC priced $377 million of notes in a refinancing of three tranches from a 2016 vintage collateralized loan obligation offering of notes due Jan. 14, 2027, according to a market source and a notice of executed supplemental indenture on Wednesday.
Apidos CLO XXIII/Apidos CLO XXIII LLC sold $310 million of class A-1-R senior secured floating-rate notes at Libor plus 82 basis points, $45.16 million of class A-2AR senior secured floating-rate notes at Libor plus 122 bps and $21.84 million of class A-2BR senior secured floating-rate notes at Libor plus 122 bps.
Citigroup Global Markets Inc. was the deal arranger.
CVC Credit Partners will continue to manage the CLO.
The original CLO was issued on Jan. 14, 2016. The CLO sold $310 million of class A-1 senior secured floating-rate notes at Libor plus 149 bps, $45.16 million of class A-2A senior secured floating-rate notes at Libor plus 225 bps and $21.84 million of 4.06% class A-2B senior secured fixed-rate notes. The CLO also had priced $28.9 million of class B mezzanine deferrable floating-rate notes at Libor plus 320 bps; $31.3 million of class C mezzanine deferrable floating-rate notes at Libor plus 465 bps; $6.11 million of class D-1 mezzanine deferrable floating-rate notes at Libor plus 770 bps; $16.69 million of class D-2 mezzanine deferrable floating-rate notes at Libor plus 595 bps and $39.88 million of subordinated notes.
Proceeds from the refinancing were used to redeem the original class A-1, A-2A and A-2B notes on Wednesday.
The deal is backed primarily by broadly syndicated first lien senior secured corporate loans.
CVC Credit Partners has refinanced two vintage CLOs year to date.
The New York City-based subsidiary of London-based CVC Capital Partners Ltd. priced two new CLOs and refinanced four vintage CLOs in 2017.
| Issuer: | Apidos CLO XXIII/Apidos CLO XXIII LLC
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| Amount: | $377 million refinancing
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| Maturity: | Jan. 14, 2027
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| Securities: | Floating-rate notes
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| Structure: | Cash flow CLO
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| Refinancing agent: | Citigroup Global Markets Inc.
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| Manager: | CVC Credit Partners, LLC
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| Call feature: | Two years
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| Settlement date: | Jan. 31
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| Distribution: | Rule 144A, Regulation S
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| Class A-1R notes
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| Amount: | $310 million
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| Securities: | Senior secured floating-rate notes
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| Coupon: | Libor plus 82 bps
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| Ratings: | Moody’s: Aaa
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| S&P: AAA
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| Class A-2AR notes
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| Amount: | $45.16 million
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| Securities: | Senior secured floating-rate notes
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| Coupon: | Libor plus 122 bps
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| Ratings: | Moody’s: Aa2
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| Class A-2BR notes
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| Amount: | $21.84 million
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| Securities: | Senior secured floating-rate notes
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| Coupon: | Libor plus 122 bps
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| Ratings: | Moody’s: Aa2
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