Chicago, July 6 – CVC Credit Partners European CLO Management LLP refinanced notes for €337.6 million from the CVC Cordatus Loan Fund XIV DAC transaction, according to multiple documents.
The maturity date remains unchanged at May 24, 2032.
The refinancing notes include €211 million of class A-1-R senior secured floating-rate notes at Euribor plus 85 basis points, €25 million of class A-2-R 1.25% senior secured fixed-rate notes, €10 million of class A-3-R senior secured floating-rate notes at Euribor plus 110 bps, €35.8 million of class B-1-R senior secured floating-rate notes at Euribor plus 150 bps, €5 million of class B-2-R 1.95% senior secured fixed-rate notes, €24.8 million of class C-R senior secured deferrable floating-rate notes at Euribor plus 200 bps and €26 million of class D-R senior secured deferrable floating-rate notes at Euribor plus 295 bps.
CVC Credit Partners European CLO Management will continue to select collateral for the portfolio through the end of the reinvestment period in November 2023.
Collateral for the notes is mostly senior secured loans or senior secured bonds.
The refinance notes can be called starting Sept. 25, 2022.
Goldman Sachs International was the placement agent and arranger.
CVC is the credit management arm of London-based private equity firm CVC Capital Partners Ltd.
| Issuer: | CVC Cordatus Loan Fund XIV DAC
|
| Issue: | Floating-rate notes and fixed-rate notes
|
| Amount: | €337.6 million
|
| Maturity: | May 24, 2032
|
| Structure: | Cash flow CLO
|
| Placement agent: | Goldman Sachs International
|
| Manager: | CVC Credit Partners European CLO Management LLP
|
| Call feature: | Sept. 25, 2022
|
| Settlement date: | June 25
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class A-1-R notes
|
| Amount: | €211 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 85 bps
|
| Price: | Par
|
| Rating: | Moody's: Aaa
|
| Fitch: AAA
|
|
|
| Class A-2-R notes
|
| Amount: | €25 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 1.25%
|
| Price: | Par
|
| Rating: | Moody's: Aaa
|
| Fitch: AAA
|
|
|
| Class A-3-R notes
|
| Amount: | €10 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 110 bps
|
| Price: | Par
|
| Rating: | Moody's: Aaa
|
| Fitch: AAA
|
|
|
| Class B-1-R notes
|
| Amount: | €35.8 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 150 bps
|
| Price: | Par
|
| Rating: | Moody's: Aa2
|
| Fitch: AA
|
|
|
| Class B-2-R notes
|
| Amount: | €5 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 1.95%
|
| Price: | Par
|
| Rating: | Moody's: Aa2
|
| Fitch: AA
|
|
|
| Class C-R notes
|
| Amount: | €24.8 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 200 bps
|
| Price: | Par
|
| Rating: | Moody's: A2
|
| Fitch: A
|
|
|
| Class D-R notes
|
| Amount: | €26 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 295 bps
|
| Price: | Par
|
| Rating: | Moody's: Baa3
|
| Fitch: BBB-
|
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