By Cristal Cody
Tupelo, Miss., June 23 – CVC Credit Partners, LLC sold $524.75 million of notes due Jan. 19, 2025 in a refinancing of the Apidos CLO XVI/Apidos CLO XVI LLC collateralized loan obligation transaction, according to a market source and a notice of executed second supplemental indenture dated June 20.
Apidos CLO XVI priced $383 million of class A-1-R senior secured floating-rate notes at Libor plus 98 basis points, $34.5 million of class A-2A-R senior secured floating-rate notes at Libor plus 150 bps, $30 million of class A-2B-R senior secured floating-rate notes at Libor plus 150 bps, $46 million of class B-R mezzanine deferrable floating-rate notes at Libor plus 195 bps and $31.25 million of class C-R mezzanine deferrable floating-rate notes at Libor plus 300 bps.
Credit Suisse Securities (USA) LLC arranged the transaction.
CVC Credit Partners will continue to manage the CLO.
In the original $625 million transaction that was issued on Jan. 9, 2014, the CLO sold $3.75 million of class X senior secured floating-rate notes at Libor plus 100 bps; $383 million of class A-1 senior secured floating-rate notes at Libor 145 bps; $34.5 million of class A-2A senior secured floating-rate notes at Libor plus 170 bps; $30 million of 4.0025% class A-2B senior secured fixed-rate notes; $46 million of class B mezzanine deferrable floating-rate notes at Libor plus 280 bps; $31.25 million of class C mezzanine deferrable floating-rate notes at Libor plus 325 bps; $27.5 million of class D mezzanine deferrable floating-rate notes at Libor plus 450 bps; $15 million of class E mezzanine deferrable floating-rate notes at Libor plus 575 bps and $54 million of subordinated notes.
Proceeds were used to redeem the original class A-1, A-2A, A-2B, B and C notes.
The refinanced CLO is backed primarily by broadly syndicated senior secured corporate loans.
CVC Credit Partners has 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 XVI/Apidos CLO XVI LLC
|
| Amount: | $524.75 million refinancing
|
| Maturity: | Jan. 19, 2025
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Credit Suisse Securities (USA) LLC
|
| Manager: | CVC Credit Partners, LLC
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| Offering date: | June 15
|
| Settlement date: | June 19
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class A-1-R notes
|
| Amount: | $383 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 98 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class A-2A-R notes
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| Amount: | $34.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 150 bps
|
| Ratings: | S&P: AA
|
|
|
| Class A-2B-R notes
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| Amount: | $30 million
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| Securities: | Senior secured floating-rate notes
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| Coupon: | Libor plus 150 bps
|
| Ratings: | S&P: AA
|
|
|
| Class B-R notes
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| Amount: | $46 million
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| Securities: | Mezzanine deferrable floating-rate notes
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| Coupon: | Libor plus 195 bps
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| Ratings: | S&P: A
|
|
|
| Class C-R 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 300 bps
|
| Ratings: | S&P: BBB
|
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