By Cristal Cody
Tupelo, Miss., Feb. 27 – CVC Credit Partners, LLC’s $517.75 million offering of notes in a refinancing and reset of a vintage 2015 collateralized loan obligation deal, according to a notice of proposed first supplemental indenture on Wednesday.
Apidos CLO XXII/Apidos CLO XXII LLC sold $325 million of class A-1R senior secured floating-rate notes at Libor plus 106 bps, $55 million of class A-2R senior secured floating-rate notes at Libor plus 150 bps, $29.5 million of class B-R mezzanine secured deferrable floating-rate notes at Libor plus 195 bps; $29 million of class C-R mezzanine secured deferrable floating-rate notes at Libor plus 295 bps; $21.5 million of class D-R mezzanine secured deferrable floating-rate notes at Libor plus 675 bps; $10 million of class E-R mezzanine secured deferrable floating-rate notes at Libor plus 865 bps and $47.75 million of subordinated notes.
J.P. Morgan Securities LLC was the refinancing placement agent.
CVC Credit Partners will continue to manage the CLO.
The maturity was extended to April 2031 from Oct. 20, 2027.
The CLO has a new non-call period that ends in April 2021 and a new reinvestment period that ends in April 2023.
In the original $513.5 million offering issued Oct. 14, 2015, the CLO sold $1.75 million of class X senior secured floating-rate notes at Libor plus 100 bps, $320 million of class A-1 senior secured floating-rate notes at Libor plus 150 bps, $33 million of class A-2A senior secured floating-rate notes at Libor plus 205 bps and $27 million of 4.04% class A-2B senior secured fixed-rate notes.
The CLO also had sold $27 million of class B mezzanine deferrable floating-rate notes at Libor plus 275 bps; $28.75 million of class C mezzanine deferrable floating-rate notes at Libor plus 380 bps; $25.5 million of class D mezzanine deferrable floating-rate notes at Libor plus 600 bps; $8.75 million of class E mezzanine deferrable floating-rate notes at Libor plus 725 bps and $41.75 million of subordinated notes.
Proceeds will be used to redeem the outstanding notes.
The CLO is backed mainly by broadly syndicated first-lien senior secured corporate loans.
The New York City-based manager is a subsidiary of London-based CVC Capital Partners Ltd.
| Issuer: | Apidos CLO XXII/Apidos CLO XXII LLC
|
| Amount: | $517.75 million refinancing
|
| Maturity: | April 2031
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | J.P. Morgan Securities LLC
|
| Manager: | CVC Credit Partners, LLC
|
| Call feature: | April 2021
|
| Settlement date: | March 12
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class A-1R notes
|
| Amount: | $325 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 106 bps
|
| Ratings: | Moody’s: Aaa expected
|
| Fitch: AAA expected
|
|
|
| Class A-2R notes
|
| Amount: | $55 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 150 bps
|
| Rating: | Moody’s: Aa2 expected
|
|
|
| Class B-R notes
|
| Amount: | $29.5 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 195 bps
|
| Rating: | Moody’s: A2 expected
|
|
|
| Class C-R notes
|
| Amount: | $29 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 295 bps
|
| Rating: | Moody’s: Baa3 expected
|
|
|
| Class D-R notes
|
| Amount: | $21.5 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 675 bps
|
| Rating: | Moody’s: Ba3 expected
|
|
|
| Class E-R notes
|
| Amount: | $10 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 865 bps
|
| Rating: | Moody’s: B3 expected
|
|
|
| Equity
|
| Amount: | $47.75 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
© 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.
