By Cristal Cody
Tupelo, Miss., June 26 – CVC Credit Partners, LLC sold $513.5 million of notes due July 17, 2030 in the new Apidos CLO XXVII/Apidos CLO XXVII LLC transaction, according to a market source on Monday.
The CLO priced $320 million of class A-1 senior secured floating-rate notes at Libor plus 121 basis points; $57.5 million of class A-2 senior secured floating-rate notes at Libor plus 170 bps; $28.75 million of class B senior secured floating-rate notes at Libor plus 235 bps; $31.25 million of class C mezzanine deferrable floating-rate notes at Libor plus 345 bps; $22.5 million of class D mezzanine deferrable floating-rate notes at Libor plus 640 bps; $7.5 million of class E notes at Libor plus 740 bps and $46 million of subordinated notes.
BofA Merrill Lynch was the placement agent.
CVC Credit Partners will manage the CLO.
The CLO has a two-year non-call period and a five-year reinvestment period.
Proceeds will be used to purchase a portfolio of about $500 million of mostly first lien senior secured leveraged loans.
CVC Credit Partners has priced one new CLO and refinanced four 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 XXVII/Apidos CLO XXVII LLC
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Amount: | $513.5 million
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Maturity: | July 17, 2030
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Securities: | Floating-rate and subordinated notes
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Structure: | Cash flow CLO
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Placement agent: | BofA Merrill Lynch
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Manager: | CVC Credit Partners, LLC
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Call feature: | Two years
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Settlement date: | July 27
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Distribution: | Rule 144A
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Class A-1 notes
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Amount: | $320 million
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Securities: | Senior secured floating-rate notes
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Coupon: | Libor plus 121 bps
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Ratings: | Moody’s: Aaa
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| Fitch: AAA
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Class A-2 notes
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Amount: | $57.5 million
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Securities: | Senior secured floating-rate notes
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Coupon: | Libor plus 170 bps
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Ratings: | S&P: AA
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|
Class B notes
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Amount: | $28.75 million
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Securities: | Senior secured floating-rate notes
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Coupon: | Libor plus 235 bps
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Ratings: | S&P: AA
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|
Class C notes
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Amount: | $31.25 million
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Securities: | Mezzanine deferrable floating-rate notes
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Coupon: | Libor plus 345 bps
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Ratings: | S&P: A
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Class D notes
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Amount: | $22.5 million
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Securities: | Mezzanine deferrable floating-rate notes
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Coupon: | Libor plus 640 bps
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Ratings: | S&P: BBB
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Class E notes
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Amount: | $7.5 million
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Securities: | Mezzanine deferrable floating-rate notes
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Coupon: | Libor plus 740 bps
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Ratings: | S&P: BBB
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|
Equity
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Amount: | $46 million
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Securities: | Subordinated notes
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Ratings: | Non-rated
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