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CVC Credit Partners offers €414.2 million notes in new CVC Cordatus Loan Fund XI CLO
By Cristal Cody
Tupelo, Miss., July 11 – CVC Credit Partners Group Ltd. plans to price €414.2 million of notes due 2031 in the CVC Cordatus Loan Fund XI DAC transaction, according to a market source.
The deal includes €241 million of class A senior secured floating-rate notes (Aaa//AAA); €12 million of class B-1 senior secured floating-rate notes (Aa2//AA); €30 million of class B-2 senior secured fixed-rate notes (Aa2//AA); €28 million of class C senior secured deferrable floating-rate notes (A2//A); €20 million of class D senior secured deferrable floating-rate notes (Baa2//BBB); €27 million of class E senior secured deferrable floating-rate notes (Ba2//BB); €13 million of class F senior secured deferrable floating-rate notes (B2//B-) and €43.2 million of subordinated notes.
Barclays is the placement agent.
CVC Credit Partners will manage the CLO.
The CLO has a two-year non-call period and a 4.5-year reinvestment period.
The deal is expected to close on Sept. 7.
The CLO is backed primarily by euro-denominated senior secured loans and bonds.
The manager is the credit management arm of London-based private equity firm CVC Capital Partners Ltd.
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