By Cristal Cody
Eureka Springs, Ark., Oct. 7 – CVC Credit Partners, LLC priced $716.5 million of notes due Oct. 20, 2028 in a Volcker-compliant collateralized loan obligation deal, according to a market source on Friday.
Apidos CLO XXV/Apidos CLO XXV LLC sold $451.5 million of class A-1 floating-rate notes at Libor plus 146 basis points, $65 million of class A-2A floating-rate notes at Libor plus 180 bps and $8.5 million of 3.07% class A-2B fixed-rate notes.
The CLO sold $42 million of class B floating-rate notes at Libor plus 240 bps; $49 million of class C floating-rate notes at Libor plus 400 bps; $14 million of class D-1 floating-rate notes at Libor plus 725 bps; $14 million of class D-2 floating-rate notes at Libor plus 695 bps and $72.5 million of subordinated notes.
BofA Merrill Lynch was the placement agent.
CVC Credit Partners will manage the CLO.
The CLO has a two-year non-call period and a four-year reinvestment period.
The transaction, backed primarily by broadly syndicated senior secured term loans, does not allow the purchase of bonds to comply with Volcker Rule regulations. The CLO is not expected to be compliant with U.S. and European risk retention guidelines.
Proceeds will be used to purchase a portfolio of about $700 million of mostly senior secured leveraged loans.
CVC Credit Partners has priced two CLO deals year to date.
The New York-based subsidiary of London-based CVC Capital Partners Ltd. brought three new CLO deals and sold one CLO refinancing transaction in 2015.
| Issuer: | Apidos CLO XXV/Apidos CLO XXV LLC
|
| Amount: | $716.5 million
|
| Maturity: | Oct. 20, 2028
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | BofA Merrill Lynch
|
| Manager: | CVC Credit Partners, LLC
|
| Call feature: | Two years
|
| Pricing date: | Oct. 7
|
| Settlement date: | Nov. 10
|
| Distribution: | Rule 144A
|
|
|
| Class A-1 notes
|
| Amount: | $451.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 146 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class A-2A notes
|
| Amount: | $65 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 180 bps
|
| Ratings: | Non-rated
|
|
|
| Class A-2B notes
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| Amount: | $8.5 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 3.07%
|
| Ratings: | Non-rated
|
|
|
| Class B notes
|
| Amount: | $42 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 240 bps
|
| Ratings: | Non-rated
|
|
|
| Class C notes
|
| Amount: | $49 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 400 bps
|
| Ratings: | Non-rated
|
|
|
| Class D-1 notes
|
| Amount: | $14 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 725 bps
|
| Ratings: | Non-rated
|
|
|
| Class D-2 notes
|
| Amount: | $14 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 695 bps
|
| Ratings: | Non-rated
|
|
|
| Equity
|
| Amount: | $72.5 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
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