By Cristal Cody
Tupelo, Miss., July 10 – CVC Credit Partners Group Ltd. priced €408,355,000 of notes due Aug. 26, 2032 in the new issue CVC Cordatus Loan Fund XV DAC offering, according to market sources.
The CLO sold €1.5 million of class X senior secured floating-rate notes at Euribor plus 57 basis points, €246 million of class A senior secured floating-rate notes at Euribor plus 111 bps, €22.5 million of class B-1 senior secured floating-rate notes at Euribor plus 175 bps and €18 million of 2.4% class B-2 senior secured fixed-rate notes.
The CLO also priced €24 million of class C senior secured deferrable floating-rate notes at Euribor plus 245 bps, €27 million of class D senior secured deferrable floating-rate notes at Euribor plus 375 bps, €22.5 million of class E senior secured deferrable floating-rate notes at Euribor plus 578 bps and €9 million of class F senior secured deferrable floating-rate notes at Euribor plus 804 bps.
The deal included €36,855,000 of class M1 subordinated notes and €1 million of class M-2 subordinated notes.
Merrill Lynch International was the placement agent.
CVC Credit Partners European CLO Management LLP will manage the CLO.
The issue is backed primarily by euro-denominated senior secured obligations.
CVC is the credit management arm of London-based private equity firm CVC Capital Partners Ltd.
| Issuer: | CVC Cordatus Loan Fund XV DAC
|
| Amount: | €408,355,000
|
| Maturity: | Aug. 26, 2032
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Merrill Lynch International
|
| Manager: | CVC Credit Partners European CLO Management LLP
|
| Pricing date: | July 8
|
| Settlement date: | Sept. 2
|
|
|
| Class X notes
|
| Amount: | €1.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 57 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A notes
|
| Amount: | €246 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 111 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | €22.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 175 bps
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class B-2 notes
|
| Amount: | €18 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.4%
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class C notes
|
| Amount: | €24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 245 bps
|
| Ratings: | Moody’s: A2
|
| Fitch: A
|
|
|
| Class D notes
|
| Amount: | €27 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 375 bps
|
| Ratings: | Moody’s: Baa3
|
| Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | €22.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 578 bps
|
| Ratings: | Moody’s: Ba3
|
| Fitch: BB-
|
|
|
| Class F notes
|
| Amount: | €9 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 804 bps
|
| Ratings: | Moody’s: B3
|
| Fitch: B-
|
|
|
| Equity
|
| Amount: | €36,855,000
|
| Securities: | Class M-1 subordinated notes
|
| Ratings: | Non-rated
|
|
|
| Equity
|
| Amount: | €1 million
|
| Securities: | Class M-2 subordinated notes
|
| Ratings: | Non-rated
|
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