Chicago, July 16 – Apex Credit Partners LLC priced $358.9 million of notes due July 18, 2034 issued by Apex Credit CLO 2021 Ltd./Apex Credit CLO 2021 LLC, according to a pre-sale report.
The CLO sold:
• $199 million of class A-N senior secured floating-rate notes at Libor plus 121 basis points;
• $25 million of class A-F 2.36% senior secured fixed-rate notes;
• $41.9 million of class B senior secured floating-rate notes at Libor plus 185 bps;
• $21 million of class C senior secured deferrable floating-rate notes at Libor plus 245 bps;
• $17.5 million of class D-1 senior secured deferrable floating-rate notes at Libor plus 338 bps;
• $3.5 million of class D-2 6% senior secured deferrable fixed-rate notes;
• $2 million of class D-3 6.5% senior secured deferrable fixed-rate notes;
• $12 million of class E senior secured deferrable floating-rate notes at Libor plus 726 bps; and
• $37 million of subordinated notes.
The notes can be called after July 18, 2023.
The underlying collateral can be reinvested through July 18, 2026.
Apex Credit Partners will manage that collateral.
Jefferies LLC was the initial purchaser.
The collateral pool is mostly broadly syndicated speculative-grade senior secured term loans.
The manager is a New York City-based commercial finance firm.
| Issuer: | Apex Credit CLO 2021 Ltd./Apex Credit CLO 2021 LLC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $358.9 million
|
| Maturity: | July 18, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | Jefferies LLC
|
| Manager: | Apex Credit Partners LLC
|
| Call feature: | July 18, 2023
|
| Settlement date: | June 25
|
|
|
| Class A-N notes
|
| Amount: | $199 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 121 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-F notes
|
| Amount: | $25 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.36%
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $41.9 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 185 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $21 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 245 bps
|
| Rating: | S&P: A
|
|
|
| Class D-1 notes
|
| Amount: | $17.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 338 bps
|
| Rating: | S&P: BBB+
|
|
|
| Class D-2 notes
|
| Amount: | $3.5 million
|
| Securities: | Senior secured deferrable fixed-rate notes
|
| Coupon: | 6%
|
| Rating: | S&P: BBB-
|
|
|
| Class D-3 notes
|
| Amount: | $2 million
|
| Securities: | Senior secured deferrable fixed-rate notes
|
| Coupon: | 6.5%
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $12 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 726 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $37 million
|
| Securities: | Subordinated notes
|
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