CVC Credit, the €40 billion global credit management business of CVC, has successfully closed Cordatus XXXI, its fourth new Collateralized Loan Obligation ("CLO") of 2024 at more than €440m (c.$475m).
The new vehicle that was tightly priced despite broader market volatility, brings CVC’s aggregate value of newly priced CLOs in 2024 to c.€1.8bn (c.$2.0bn). Cordatus XXXI received backing from a diverse group of both new and long-standing blue-chip investors. Morgan Stanley acted as the lead arranger.
Guillaume Tarneaud, Partner and Head of European Performing Credit at CVC Credit said: “In a market affected by macro volatility, this successful pricing further consolidates our position as one of Europe’s most active CLO managers. The nearly €1.8 billion of new CLOs closed in 2024 is a great start to the year and we are excited about what the rest of the year holds.”
The majority equity portion for CVC Credit’s new CLOs is made from a dedicated CLO equity vehicle, which enhances CVC Credit’s ability to control the pace of new CLO issuance and enhances its flexibility to price opportunistically, rather than relying on third-party CLO equity.
This will be the seventeenth transaction invested in by our most recent CLO Equity vehicle, which together have an aggregate value of more than €7bn.
Gretchen Bergstresser Managing Partner and Global Head of Performing Credit
Gretchen Bergstresser, Managing Partner and Global Head of Performing Credit at CVC Credit, said: “This will be the seventeenth transaction invested in by our most recent CLO Equity vehicle, which together have an aggregate value of more than €7bn. We continue to be well-positioned to take advantage of a market which is showing signs of a medium-term uptick in new issue loan supply globally.”