CVC Credit Partners plans second refinancing of 2016 Apidos CLO XXIII notes

By Cristal Cody

Tupelo, Miss., Feb. 10 – CVC Credit Partners, LLC plans to refinance notes from the vintage Apidos CLO XXIII/Apidos CLO XXIII LLC collateralized loan obligation offering, according to a notice of proposed supplemental indenture on Friday.

Barclays is the refinancing placement agent.

CVC Credit Partners will continue to manage the CLO.

In the original $499.88 million offering issued Jan. 14, 2016, the CLO priced $310 million of class A-1 senior secured floating-rate notes at Libor plus 149 basis points, $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 sold $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.

The notes due Jan. 14, 2027 were first refinanced on Jan. 31, 2018 in a $377 million offering. The CLO had sold $310 million of class A-1-R senior secured floating-rate notes at Libor plus 82 bps, $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.

Proceeds will be used to redeem the outstanding notes.

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

CVC Credit Partners is a New York City-based subsidiary of London-based CVC Capital Partners Ltd.

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