CVC to price $513.5 million CLO in its first deal of 2018; Investcorp to reset 2016 CLO

By Cristal Cody

Tupelo, Miss., May 8 – CVC Credit Partners, LLC plans to price $513.5 million of notes in the firm’s first new CLO offering of the year.

About $35 billion of new issue CLOs have priced year to date, according to market sources.

In the European market, Investcorp Credit Management EU Ltd. is offering €467.3 million of notes in a refinancing and reset of a vintage 2016 CLO.

More than €5 billion of euro-denominated CLOs have been refinanced year to date, according to market sources.

CVC offers Apidos CLO XXIX

CVC Credit Partners U.S. CLO Management plans to price $513.5 million of notes due July 25, 2030 in the Apidos CLO XXIX/Apidos CLO XXIX LLC offering, according to a market source on Tuesday.

The transaction includes $2.5 million of class X floating-rate notes (AAA/AAA); $307.5 million of class A-1A floating-rate notes (AAA/AAA); $17.5 million of class A-1B floating-rate notes (//AAA); $55 million of class A-2 floating-rate notes (AA/); $35 million of class B deferrable floating-rate notes (A/); $25 million of class C deferrable floating-rate notes (BBB-/); $18.5 million of class D deferrable floating-rate notes (BB-/) and $52.5 million of subordinated notes.

BofA Merrill Lynch is the placement agent.

The deal is expected to close on June 21.

CVC Credit Partners, a New York City-based subsidiary of London-based CVC Capital Partners Ltd., priced two new CLOs and refinanced four vintage CLOs in 2017.

Investcorp to price CLO

Investcorp Credit Management EU plans to price €467.3 million of notes in a refinancing and reset of a vintage 2016 CLO offering, according to a market source.

The Harvest CLO XV DAC offering includes €3 million of class X senior secured floating-rate notes (Aaa//AAA); €233.4 million of class A-1A-R senior secured floating-rate notes (Aaa//AAA); €30 million of class A-1B-R senior secured floating-rate notes (Aaa//AAA); €15 million of class A-2-R senior secured floating-rate notes (Aaa//AAA); €41.6 million of class B-1-R senior secured floating-rate notes (Aa2//AA) and €5 million of class B-2-R senior secured fixed-rate notes (Aa2//AA).

The CLO also will price €31.5 million of class C-R senior secured deferrable floating-rate notes (A2//A); €24.2 million of class D-R senior secured deferrable floating-rate notes (Baa2//BBB); €23.1 million of class E-R senior secured deferrable floating-rate notes (Ba2//BB) and €13.5 million of class F-R senior secured deferrable floating-rate notes (B2//B-) and €47 million of subordinated notes, which includes €42 million of the original subordinated notes.

Morgan Stanley & Co. International plc is the refinancing placement agent.

The original Harvest CLO XV deal priced March 29, 2016.

Proceeds from the refinancing will be used to redeem the original notes on May 22.

Investcorp priced two new euro-denominated CLOs and refinanced six vintage European CLOs in 2017.

The CLO manager is a subsidiary of Bahrain-based Investcorp Bank BSC.

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