Chicago, Oct. 7 – CVC Credit Partners European CLO Management LLP priced €316 million of notes due April 23, 2030 in a partial refinancing of the CVC Cordatus Loan Fund VIII DAC transaction, according to a market source.
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 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 priced €24 million of class C senior secured deferrable floating-rate notes at Euribor plus 220 bps
Not included in the 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.
Deutsche Bank AG, London Branch arranged the offering.
CVC Credit Partners European CLO Management will manage the CLO.
The CLO has remaining 1.6 years on its reinvestment period.
The deal is backed primarily by euro-denominated senior secured leveraged loans and bonds.
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
|
| Amount: | €316 million refinancing
|
| Maturity: | April 23, 2030
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| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Deutsche Bank AG, London Branch
|
| Manager: | CVC Credit Partners European CLO Management LLP
|
| Settlement date: | Oct. 1
|
|
|
| Class A-1 notes
|
| Amount: | €206 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 69 bps
|
| Rating: | Moody’s: Aaa
|
|
|
| Class A-2 notes
|
| Amount: | €30 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 0.95%
|
| Rating: | Moody’s: Aaa
|
|
|
| Class B-1 notes
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| Amount: | €46 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 145 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class B-2 notes
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| Amount: | €10 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 1.8%
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C notes
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| Amount: | €24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 220 bps
|
| Rating: | Moody’s: A2
|
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