By Cristal Cody
Tupelo, Miss., April 23 – CVC Credit Partners Group Ltd. priced €412.2 million of notes due 2032 in the CVC Cordatus Loan Fund XIV DAC transaction, according to details from a market source.
The CLO sold €2 million of class X senior secured floating-rate notes at Euribor plus 50 basis points, €211 million of class A-1 senior secured floating-rate notes at Euribor plus 109 bps, €25 million of 1.45% class A-2 senior secured fixed-rate notes, €10 million of class A-3 senior secured floating-rate notes at Euribor plus 140 bps, €35.8 million of class B-1 senior secured floating-rate notes at Euribor plus 185 bps and €5 million of 2.45% class B-2 senior secured fixed-rate notes.
The CLO also priced €14.8 million of class C-1 senior secured deferrable floating-rate notes at Euribor plus 265 bps, €10 million of class C-2 senior secured deferrable floating-rate notes at Euribor plus 297 bps, €16 million of class D-1 senior secured deferrable floating-rate notes at Euribor plus 387 bps, €10 million of class D-2 senior secured deferrable floating-rate notes at Euribor plus 419 bps, €22.4 million of class E senior secured deferrable floating-rate notes at Euribor plus 590 bps and €8.8 million of class F senior secured deferrable floating-rate notes at Euribor plus 900 bps.
The deal included €40.4 million of class M1 subordinated notes and €1 million of class M-2 subordinated notes.
Goldman Sachs International was the placement agent.
CVC Credit Partners European CLO Management LLP is the CLO manager.
The issue is backed primarily by euro-denominated senior secured obligations.
CVC is the credit management arm of London-based private equity firm CVC Capital Partners Ltd.
| Issuer: | CVC Cordatus Loan Fund XIV DAC
|
| Amount: | €412.2 million
|
| Maturity: | 2032
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Goldman Sachs International
|
| Manager: | CVC Credit Partners European CLO Management LLP
|
| Pricing date: | March 15
|
| Settlement date: | May 15
|
|
|
| Class X notes
|
| Amount: | €2 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 50 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-1 notes
|
| Amount: | €211 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 109 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | €25 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 1.45%
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-3 notes
|
| Amount: | €10 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 140 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | €35.8 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 185 bps
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class B-2 notes
|
| Amount: | €5 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.45%
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class C-1 notes
|
| Amount: | €14.8 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 265 bps
|
| Ratings: | Moody’s: A2
|
| Fitch: A
|
|
|
| Class C-2 notes
|
| Amount: | €10 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 297 bps
|
| Ratings: | Moody’s: A2
|
| Fitch: A
|
|
|
| Class D-1 notes
|
| Amount: | €16 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 387 bps
|
| Ratings: | Moody’s: Baa3
|
| Fitch: BBB-
|
|
|
| Class D-2 notes
|
| Amount: | €10 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 419 bps
|
| Ratings: | Moody’s: Baa3
|
| Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | €22.4 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 590 bps
|
| Ratings: | Moody’s: Ba3
|
| Fitch: BB-
|
|
|
| Class F notes
|
| Amount: | €8.8 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 900 bps
|
| Ratings: | Moody’s: B2
|
| Fitch: B-
|
|
|
| Equity
|
| Amount: | €40.4 million
|
| Securities: | Class M-1 subordinated notes
|
| Ratings: | Non-rated
|
|
|
| Equity
|
| Amount: | €1 million
|
| Securities: | Class M-2 subordinated notes
|
| Ratings: | Non-rated
|
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