Pricing has emerged on a $500 million collateralized loan obligation that Bank of America is marketing for CVC Credit Partners.
The deal, Apidos CLO XII, has a $314 million tranche provisionally rated 'Aaa' by Moody's Investors Service that is being marketed at 110 basis points over three-month LIBOR, according to research published by the ratings agency Tuesday.
That is inside the spread on recently-issued CLOs, which have been in the area of LIBOR plus 114 basis points.
Merrill Lynch, Pierce, Fenner & Smith, a unit of BofA, is the initial purchase of the notes.
Apidos CLO XII has a four-year reinvestment period; it is expected to close April 18.
CVC Credit Partners, a unit of CVC Capital, manages $8.5 billion in assets across 28 vehicles in the U.S. and Europe, according to its website.