By Cristal Cody
Tupelo, Miss., April 13 – CVC Credit Partners, LLC refinanced $618.15 million of notes due July 22, 2026 at par in a vintage 2014 collateralized loan obligation transaction, according to a market source.
Apidos CLO XVIII/APidos XVIII LLC priced $449.8 million of class A-1-R floating-rate notes at Libor plus 112 basis points; $71.35 million of class A-2A-R floating-rate notes at Libor plus 150 bps; $23 million of 3.36% class A-2B-R fixed-rate notes; $31.3 million of class B-R floating-rate notes at Libor plus 210 bps and $42.7 million of class C-R floating-rate notes at Libor plus 325 bps.
Morgan Stanley & Co. LLC arranged the transaction.
CVC Credit Partners will continue to manage the CLO.
In the original transaction priced on June 25, 2014, Apidos CLO XVIII placed $449.8 million of class A-1 senior secured floating-rate notes at Libor plus 141 bps; $71.35 million of class A-2A senior secured floating-rate notes at Libor plus 195 bps; $23 million of 2% class A-2B senior secured fixed-rate notes; $31.3 million of class B deferrable floating-rate notes at Libor plus 280 bps; $42.7 million of class C deferrable floating-rate notes at Libor plus 365 bps; $39.85 million of class D deferrable floating-rate notes at Libor plus 520 bps and $8 million of class E deferrable floating-rate notes at Libor plus 600 bps and $67.6 million of subordinated notes.
CVC Credit Partners has refinanced three vintage CLOs year to date.
The New York-based subsidiary of London-based CVC Capital Partners Ltd. priced two new CLOs and refinanced two CLOs in 2016.
Issuer: | Apidos CLO XVIII/Apidos CLO XVIII LLC
|
Amount: | $618.15 million refinancing
|
Maturity: | July 22, 2026
|
Securities: | Fixed- and floating-rate notes
|
Structure: | Cash flow CLO
|
Refinancing agent: | Morgan Stanley & Co. LLC
|
Manager: | CVC Credit Partners, LLC
|
Pricing date: | April 4
|
|
Class A-1-R notes
|
Amount: | $449.8 million
|
Securities: | Floating-rate notes
|
Coupon: | Libor plus 112 bps
|
Price: | Par
|
Ratings: | Moody’s: Aaa expected
|
| Fitch: AAA expected
|
|
Class A-2A-R notes
|
Amount: | $71.35 million
|
Securities: | Floating-rate notes
|
Coupon: | Libor plus 150 bps
|
Price: | Par
|
Rating: | Moody’s: Aa2 expected
|
|
Class A-2B-R notes
|
Amount: | $23 million
|
Securities: | Fixed-rate notes
|
Coupon: | 3.36%
|
Price: | Par
|
Rating: | Moody’s: Aa2 expected
|
|
Class B-R notes
|
Amount: | $31.3 million
|
Securities: | Floating-rate notes
|
Coupon: | Libor plus 210 bps
|
Price: | Par
|
Rating: | Moody’s: A2 expected
|
|
Class C-R notes
|
Amount: | $42.7 million
|
Securities: | Floating-rate notes
|
Coupon: | Libor plus 325 bps
|
Price: | Par
|
Rating: | Moody’s: Baa3 expected
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.