Chicago, April 29 – CVC Credit Partners Investment Management Ltd. sold €502.1 million in a collateralized loan obligation issued by CVC Cordatus Loan Fund XXIII DAC, according to a notice of the listing particulars and a press release.
The notes will mature on April 25, 2036.
The CLO consists of €2.5 million of class X senior secured floating-rate notes at Euribor plus 45 basis points, €285 million of class A-1 senior secured floating-rate notes at Euribor plus 100 bps, €25 million of class A-2 senior secured floating-rate notes at Euribor plus 145 bps, €39.5 million of class B-1 senior secured floating-rate notes at Euribor plus 230 bps, €10 million of class B-2 3.% senior secured fixed-rate notes, €27.5 million of class C senior secured deferrable floating-rate notes at Euribor plus 315 bps, €35.5 million of class D senior secured deferrable floating-rate notes at Euribor plus 415 bps, €26.8 million of class E senior secured deferrable floating-rate notes at Euribor plus 726 bps, €15.2 million of class F senior secured deferrable floating-rate notes at Euribor plus 936 bps and €35.1 million of subordinated notes.
CVC Credit Partners Investment Management Ltd. will manage the collateral through the end of the reinvestment period on Oct. 25, 2026.
Collateral for the notes consists of senior, mezzanine, second-lien loans and high-yield bonds.
The notes can be called starting Oct. 25, 2023.
Jefferies was the placement agent.
CVC is the credit management arm of London-based private equity firm CVC Capital Partners Ltd.
Issuer: | CVC Cordatus Loan Fund XXIII DAC
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Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
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Amount: | €502.1 million
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Maturity: | April 25, 2036
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Structure: | Cash flow CLO
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Placement agent: | Jefferies
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Manager: | CVC Credit Partners Investment Management Ltd.
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Call feature: | Oct. 25, 2023
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Settlement date: | April 26
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Class X notes
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Amount: | €2.5 million
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Securities: | Senior secured floating-rate notes
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Coupon: | Euribor plus 45 bps
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Price: | Par
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Rating: | Moody's: Aaa
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| Fitch: AAA
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Class A-1 notes
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Amount: | €285 million
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Securities: | Senior secured floating-rate notes
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Coupon: | Euribor plus 100 bps
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Price: | Par
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Rating: | Moody's: Aaa
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| Fitch: AAA
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Class A-2 notes
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Amount: | €25 million
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Securities: | Senior secured floating-rate notes
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Coupon: | Euribor plus 145 bps
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Price: | Par
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Rating: | Moody's: Aaa
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| Fitch: AAA
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Class B-1 notes
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Amount: | €39.5 million
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Securities: | Senior secured floating-rate notes
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Coupon: | Euribor plus 230 bps
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Price: | Par
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Rating: | Moody's: Aa2
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| Fitch: AA
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Class B-2 notes
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Amount: | €10 million
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Securities: | Senior secured fixed-rate notes
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Coupon: | 3%
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Price: | Par
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Rating: | Moody's: Aa2
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| Fitch: AA
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Class C notes
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Amount: | €27.5 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | Euribor plus 315 bps
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Price: | Par
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Rating: | Moody's: A2
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| Fitch: A
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Class D notes
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Amount: | €35.5 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | Euribor plus 415 bps
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Price: | Par
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Rating: | Moody's: Baa3
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| Fitch: BBB-
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Class E notes
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Amount: | €26.8 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | Euribor plus 726 bps
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Price: | 96.75
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Rating: | Moody's: Ba3
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| Fitch: BB-
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Class F notes
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Amount: | €15.2 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | Euribor plus 936 bps
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Price: | 94.5
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Rating: | Moody's: B3
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| Fitch: B-
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Subordinated notes
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Amount: | €35.1 million
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Price: | Par
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Securities: | Subordinated notes
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