Apex to price $352.5 million JFIN CLO 2016 offering of notes due 2028

By Cristal Cody

Eureka Springs, Ark., June 30 – Apex Credit Partners LLC is marketing a $352.5 million collateralized loan obligation offering of notes due August 2028, according to a source.

The JFIN CLO 2016-1 Ltd./JFIN CLO 2016-1 LLC deal includes $165.5 million of class A-1 floating-rate notes (//AAA); $16.5 million of class A-2a floating-rate notes (//AAA); $10 million of class A-2b floating-rate notes (//AAA); $30 million of class A-F floating-rate notes (//AAA); $30.5 million of class B-1 floating-rate notes; $20 million of class B-F fixed-rate notes; $20 million of class C floating-rate notes; $20 million of class D floating-rate notes and $19.5 million of class E floating-rate notes.

The transaction includes $10.5 million senior subordinated notes and $20 million of junior subordinated notes as equity.

Jefferies LLC is the placement agent.

Apex Credit Partners, a subsidiary of Jefferies Finance, will manage the CLO.

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

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

Proceeds will be used to purchase a portfolio of about $350 million of mostly senior secured leveraged loans.

Jefferies Finance priced three U.S. CLO transactions in 2015.

The New York City-based commercial finance firm is co-owned by Jefferies Group LLC and Massachusetts Mutual Life Insurance Co.

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