Chicago, June 22 – CVC Credit Partners European CLO Management LLP refinanced the rated notes from the CVC Cordatus Loan Fund VIII DAC transaction for €398.6 million, according to multiple notices.
The CLO now matures July 17, 2034.
The transaction now includes €3 million of class X senior secured floating-rate notes at Euribor plus 30 basis points, €235.3 million of class A-1-R senior secured floating-rate notes at Euribor plus 85 bps, €25 million of class A-2-R senior secured floating-rate notes at Euribor plus 109 bps, €46.8 million of class B-R senior secured floating-rate notes at Euribor plus 140 bps, €25.3 million of class C-R senior secured deferrable floating-rate notes at Euribor plus 200 bps, €27.6 million of class D-R senior secured deferrable floating-rate notes at Euribor plus 300 bps, €24 million of class E-R senior secured deferrable floating-rate notes at Euribor plus 580 bps and €11.6 million of class F-R senior secured deferrable floating-rate notes at Euribor plus 837 bps.
Previously, in a partial refinancing the CLO priced €206 million of class A-1 senior secured floating-rate notes at Euribor plus 69 basis points and €30 million of 0.95% class A-2 senior secured fixed-rate notes.
CVC VIII previously priced €46 million of class B-1 senior secured floating-rate notes at Euribor plus 145 bps and €10 million of 1.8% class B-2 senior secured fixed-rate notes.
Additionally, the CLO had priced €24 million of class C senior secured deferrable floating-rate notes at Euribor plus 220 bps
Not included in the last refinancing, but included in this refinancing, were €20.8 million of class D senior secured deferrable floating-rate notes, €22.2 million of class E senior secured deferrable floating-rate notes, €11 million of class F senior secured deferrable floating-rate notes and €45.6 million of subordinated notes.
Jefferies International Ltd. is the underwriter.
CVC Credit Partners will select the collateral, at least 90% of which must be senior secured loans or senior secured bonds.
The reinvestment period is 4.5 years.
CVC Credit Partners European CLO Management is an affiliate of CVC Credit Partners Group Ltd., the credit management arm of London-based private equity firm CVC Capital Partners Ltd.
| Issuer: | CVC Cordatus Loan Fund VIII DAC
|
| Issue: | Floating-rate notes
|
| Amount: | €398.6 million
|
| Maturity: | July 17, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | Jefferies International Ltd.
|
| Manager: | CVC Credit Partners European CLO Management LLP
|
| Settlement date: | June 3
|
|
|
| Class X notes
|
| Amount: | €3 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 30 bps
|
| Price: | Par
|
| Rating: | Moody's: Aaa
|
|
|
| Class A-1-R notes
|
| Amount: | €235.3 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 85 bps
|
| Price: | Par
|
| Rating: | Moody's: Aaa
|
|
|
| Class A-2-R notes
|
| Amount: | €25 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 109 bps
|
| Price: | Par
|
| Rating: | Moody's: Aaa
|
|
|
| Class B-R notes
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| Amount: | €46.75 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 140 bps
|
| Price: | Par
|
| Rating: | Moody's: Aa2
|
|
|
| Class C-R notes
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| Amount: | €25.25 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 200 bps
|
| Price: | Par
|
| Rating: | Moody's: A2
|
|
|
| Class D-R notes
|
| Amount: | €27.625 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 300 bps
|
| Price: | Par
|
| Rating: | Moody's: Baa3
|
|
|
| Class E-R notes
|
| Amount: | €24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 580 bps
|
| Price: | Par
|
| Rating: | Moody's: Ba3
|
|
|
| Class F-R notes
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| Amount: | €11.6 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 837 bps
|
| Price: | 97
|
| Rating: | Moody's: B3
|
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