CVC Credit, the €42 billion global credit management business of CVC, has successfully priced Cordatus XXXII, its seventh new Collateralized Loan Obligation ("CLO") of 2024 at more than €400m (c.$443m).
CVC Credit’s latest new vehicle was priced at the tightest cost of debt of any new issue in European CLOs since Q1 2022 and brings CVC’s aggregate value of new CLOs in 2024 to more than €3.1bn (c.$3.4bn). In a challenging market for investing, the vehicle had over 60% of assets already sourced prior to pricing.
Cordatus XXXII received backing from a diverse group of both new and long-standing blue-chip investors. Citibank acted as the lead arranger and the vehicle has a four-and-a-half-year re-investment period and one-and-a-half-year non-call structure.
“We are delighted to have been able to price our latest new CLO at such tight levels, reflecting the trust our investors have in us and the strength and experience of our Performing Credit team. Having priced four new European vehicles so far this year, we are pleased to continue to consolidate CVC's position as one of Europe's most active CLO managers.”
Cordatus XXXII is our seventh CLO priced this year, which together means we have now priced more than €3.1 billion of CLOs across our transatlantic platform so far in 2024.
Gretchen Bergstresser Managing Partner and Global Head of Performing Credit
Gretchen Bergstresser, Managing Partner and Global Head of Performing Credit at CVC Credit said: “Cordatus XXXII is our seventh CLO priced this year, which together means we have now priced more than €3.1 billion of CLOs across our transatlantic platform so far in 2024. It has been a great start to the year and we are now excited about the H2.”