Chicago, March 17 – CVC Credit Partners Group Ltd. refinanced five classes of notes for €372.38 million from the collateralized loan obligation transaction that lists CVC Cordatus Loan Fund XI DAC as issuer, according to a news release.
The notes, still due Oct. 15, 2031, include in the refinancing the €271,125,000 of class A-R senior secured floating-rate notes at Euribor plus 65 basis points, €22.5 million of class B-1-R senior secured floating-rate notes at Euribor plus 150 bps, €24.75 million of class B-2-R 1.6% senior secured fixed-rate notes, €31.5 million of class C-R senior secured deferrable floating-rate notes at Euribor plus 190 bps and €22.5 million of class D-R senior secured deferrable floating-rate notes at Euribor plus 290 bps.
CVC Credit Partners will continue to manage the portfolio backing the notes until the end of the reinvestment period in April 2023. Collateral for the notes must chiefly be senior secured loans and senior secured bonds.
Proceeds from the new notes will be used to redeem the original notes.
The class E, class F, class M-1 subordinated and class M-2 subordinated notes will remain outstanding.
CVC is the credit management arm of London-based private equity firm CVC Capital Partners Ltd.
| Issuer: | CVC Cordatus Loan Fund XI DAC
|
| Issue: | Floating-rate and fixed-rate notes
|
| Structure: | Cash flow CLO
|
| Amount: | €372,375,000
|
| Maturity: | Oct. 15, 2031
|
| Manager: | CVC Credit Partners Group Ltd.
|
| Announcement date: | March 17
|
|
|
| Class A-R notes
|
| Amount: | €271,125,000
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 65 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class B-1-R notes
|
| Amount: | €22.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 150 bps
|
| Rating: | Moody's: Aa2
|
|
|
| Class B-2-R notes
|
| Amount: | €24.75 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 1.6%
|
| Rating: | Moody's: Aa2
|
|
|
| Class C-R notes
|
| Amount: | €31.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 190 bps
|
| Rating: | Moody's: A2
|
|
|
| Class D-R notes
|
| Amount: | €22.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 290 bps
|
| Rating: | Moody's: Baa2
|
|
|
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