CVC Credit Partners and KKR Asset Management are both marketing collateralized loan obligations, according to ratings agency reports
CVC's deal, Apidos CLO XIV is backed by $600 million of broadly syndicated loans. It includes a $375 million senior tranche with a preliminary ‘AAA’ rating from Moody’s Investors Service; it is being offered at three-month Libor plus 115 basis points, according to the presale report. Moody’s did not rate the rest of the deal.
Deutsche Bank is on the left of the deal.
CVC Credit Partners manages approximately $8.5 billion in assets across 22 U.S. and European CLOs, global and European credit opportunity funds and other accounts.
KKR's deal, KKR Financial CLO 2013-I, includes five floating-rate and one fixed-rate tranche. The senior, $311.5 million tranche has a preliminary 'AAA' rating from Standard & Poor's and is also being marketed at Libor plus 115 basis points.
Citigroup Global Markets is the lead manager.
The U.S. CLO pipeline remains robust. Last week Moody’s assigned provisional or definitive ratings to five new CLOs backed mainly by broadly syndicated first-lien senior secured loans: the $500 million Carlyle Global Market Strategies CLO 2013-3, the $650 million Oaktree Enhanced Income Funding Series III, the $400 million GLG Ore Hill CLO 2013-I, the $500 million Octagon Investment Partners XVI, the $650 million CIFC Funding 2013-II.
