Chicago, Oct. 21 – CVC Credit Partners European CLO Management LLP priced €293 million of notes due July 22, 2030 in a partial refinancing of the CVC Cordatus Loan Fund V DAC transaction, according to a market source.
The CLO priced €263 million of class A senior secured floating-rate notes at Euribor plus 65 basis points and €30 million of 1.8% class B-2 senior secured fixed-rate notes.
Not included in the refinancing were €32 million class B-1-R senior secured floating-rate notes, €30 million class C-R senior secured deferrable floating-rate notes, €23 million class D-R senior secured deferrable floating-rate notes, €28 million class E-R senior secured deferrable floating-rate notes and €13 million class F-R senior secured deferrable floating-rate notes. There were also €47.8 million of subordinated notes issued in the original transaction.
Citigroup Global Markets Ltd. arranged the offering.
CVC Credit Partners European CLO Management will manage the CLO.
The CLO has some time left on its reinvestment period.
The deal is backed primarily by euro-denominated senior secured leveraged loans and bonds.
Proceeds from the refinancing will be used to redeem the original notes.
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 V DAC
|
| Amount: | €293 million refinancing
|
| Maturity: | July 22, 2030
|
| Securities: | Fixed-rate and floating-rate notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Ltd.
|
| Manager: | CVC Credit Partners European CLO Management LLP
|
| Settlement date: | Oct. 21
|
|
|
| Class A notes
|
| Amount: | €263 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 65 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class B-2 notes
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| Amount: | €30 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 1.8%
|
| Ratings: | Moody’s: Aa2
|
| S&P: AA
|
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