By Cristal Cody
Tupelo, Miss., June 11 – CVC Credit Partners, LLC priced $392.22 million of notes due July 24, 2031 in a new collateralized loan obligation offering, according to market sources.
Apidos CLO XXXIII/Apidos CLO XXXIII LLC sold $256 million of class A floating-rate notes at Libor plus 170 basis points and $46 million of class B floating-rate notes at Libor plus 220 bps.
The CLO also priced $24 million of class C deferrable floating-rate notes at Libor plus 270 bps; $22 million of class D deferrable floating-rate notes at Libor plus 432 bps, $12 million of class E deferrable floating-rate notes at Libor plus 752 bps and $32.22 million of subordinated notes.
Goldman Sachs & Co. LLC was the placement agent.
CVC Credit Partners U.S. CLO Management LLC will manage the CLO.
The CLO has a one-year non-call period and a three-year reinvestment period.
The deal is backed primarily by broadly syndicated first-lien senior secured corporate loans.
CVC Credit Partners has priced two new CLOs year to date.
The subsidiary of London-based CVC Capital Partners Ltd. is based in New York City.
| Issuer: | Apidos CLO XXXIII/Apidos CLO XXXIII LLC
|
| Amount: | $392.22 million
|
| Maturity: | July 24, 2031
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Goldman Sachs & Co. LLC
|
| Manager: | CVC Credit Partners U.S. CLO Management LLC
|
| Call feature: | One year
|
| Pricing date: | June 4
|
| Settlement date: | July 17
|
|
|
| Class A notes
|
| Amount: | $256 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $46 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 220 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 270 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $22 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 432 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $12 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 752 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $32.22 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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