Apex Credit markets $403.4 million notes in JFIN CLO 2017 offering

By Cristal Cody

Eureka Springs, Ark., Jan. 25 – Apex Credit Partners LLC is offering $403.4 million notes due April 20, 2029 in the new JFIN CLO 2017 Ltd./JFIN CLO 2017 LLC deal, according to a market source.

The deal includes $225 million of class A-1 senior secured floating-rate notes (Aaa//AAA); $30 million of class A-F senior secured fixed-rate notes (Aaa//AAA); $45 million of class B senior secured floating-rate notes (Aa2); $11 million of class C-1 secured deferrable floating-rate notes (A2); $15 million of class C-F secured deferrable fixed-rate notes (A2); $21 million of class D secured deferrable floating-rate notes (Baa3) and $21 million of class E secured deferrable floating-rate notes (Ba3).

The deal includes $11.75 million of senior subordinated notes and $23.65 million of junior subordinated notes as equity.

Jefferies LLC is the placement agent.

Apex Credit Partners will manage the CLO.

The deal has a 2 1/2-year non-call period and a 4 1/2-year reinvestment period.

The offering is backed primarily by broadly syndicated first-lien senior secured corporate loans.

Proceeds will be used to purchase a portfolio of about $400 million of mostly senior secured leveraged loans.

Apex priced one CLO offering in 2016.

The New York City-based commercial finance firm is a subsidiary of Jefferies Finance LLC.

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