CVC Credit Partners markets $512.25 million Apidos CLO XIX offering

By Cristal Cody

Tupelo, Miss., Oct. 9 – CVC Credit Partners, LLC plans to price $512.25 million of notes due 2026 in a Rule 144A-eligible collateralized loan obligation deal, according to a market source.

The Apidos CLO XIX/Apidos CLO XIX LLC offering includes $220 million of class A-1 floating-rate notes (//AAA); $100 million of class A-2 floating-rate notes (//AAA); $53.25 million of class B floating-rate notes; $33 million of class C floating-rate notes; $29.5 million of class D floating-rate notes; $25.5 million of class E floating-rate notes; $7.5 million of class F floating-rate notes and $43.5 million of subordinated notes.

Wells Fargo Securities LLC is the placement agent.

CVC Credit Partners will manage the CLO.

The CLO has a two-year non-call period and a 4.2-year reinvestment period.

The deal is backed primarily by first-lien senior secured loans.

Proceeds from the offering will be used to purchase a portfolio of about $500 million of mostly senior secured leveraged loans.

The transaction is expected to close on Nov. 6.

CVC Credit Partners has priced two CLOs over the year, including the $733.6 million Apidos CLO XVIII/Apidos CLO XVIII LLC deal on June 25 and the $519.25 million Apidos CLO XVII/Apidos CLO XVII LLC offering on March 20.

The credit management arm of London-based private equity firm CVC Capital Partners Ltd. priced three CLO transactions in 2013.

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