CVC Cordatus Loan Fund VI noteholders direct redemption, reissuance

By Sarah Lizee

Olympia, Wash., Feb. 14 – CVC Cordatus Loan Fund VI DAC received direction from its subordinated noteholders to redeem all classes of its rated notes due 2028 as part of a refinancing, according to a notice.

The following notes will be redeemed in whole at par plus accrued interest on March 22:

• €225.4 million of class A senior secured floating-rate notes;

• €22.6 million of class B-1 senior secured floating-rate notes;

• €24 million of class B-2 senior secured fixed-rate notes;

• €24.9 million of class C senior secured deferrable floating-rate notes;

• €18.6 million of class D senior secured deferrable floating-rate notes;

• €27.6 million of class E senior secured deferrable floating-rate notes; and

• €12.9 million of class F senior secured deferrable floating-rate notes.

For the new notes, the principal amount outstanding, fixed rate of interest and issue price will be as follows:

• €240.8 million of class A-R notes with an applicable margin of up to 97 basis points and a par issue price;

• €24 million of class B-1-R notes with an applicable margin of up to 170 bps and a par issue price;

• €13 million of class B-2-R notes with a fixed rate of 2.25% and a par issue price;

• €26 million of class C-R notes with an applicable margin of up to 250 bps and a par issue price;

• €24 million of class D-R notes with an applicable margin of up to 400 bps and an issue price of not less than 99.5%;

• €20.8 million of class E-R notes with an applicable margin of up to 600 bps and an issue price of not less than 96%; and

• €10 million of class F-R notes with an applicable margin of up to 835 bps and an issue price of not less than 94%.

The maturity date of the notes will be April 22, 2030.

The non-call period will be the period from the date of issuance to April 22, 2020, and the reinvestment period will last through the earliest of April 22, 2021, the date of the acceleration of the notes and the date that the collateral manager reasonably believes that is can no longer reinvest in additional collateral debt obligations under the reinvestment criteria.

BNY Mellon Corporate Trustee Services Ltd. is the trustee.

CVC Credit Partners Group Ltd. is the collateral manager.

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