NEW YORK – CVC Credit, the $45bn global credit management business of CVC, is pleased to announce that it has successfully priced Apidos XLIX (49), a new $500m (c.€460m) Collateralized Loan Obligation ("CLO"). BNP Paribas served as lead arranger for CVC Credit’s fourth CLO pricing in North America this year.
This is the eighth new CLO of the year priced by CVC globally and fourth new US CLO issue for 2024 with an aggregate value of nearly $2bn (c.€1.8bn). Apidos XLIX has a five-year reinvestment period and two-year non-call period that is supported by an actively managed, diversified portfolio of senior secured loans and bonds.
Apidos XLIX was well-received by both existing and new investors, which reflects their confidence in CVC Credit’s performing credit strategy and our measured and structured investment approach across cycles.
Kevin O’Meara Partner and Head of US Performing Credit at CVC Credit
Kevin O’Meara, Partner and Head of US Performing Credit at CVC Credit, said: “Apidos XLIX was well-received by both existing and new investors, which reflects their confidence in CVC Credit’s performing credit strategy and our measured and structured investment approach across cycles. This successful issuance is indicative of the resilience of the U.S. CLO market, where new issue activity and positive return performance have remained buoyant throughout 2024.”
Gretchen Bergstresser, Managing Partner and Global Head of Performing Credit at CVC Credit, added: “We appreciate the strong support we continue to receive from our global investor base following the pricing of our eighth new CLO this year. Our team remains committed to delivering consistent performance through all of our CLOs' actively managed, scalable and diversified pool of senior-secured floating rate loans.”
CVC Credit has nearly 20 years of experience in successful CLO issuance, performing credit and portfolio management, with proven experience in delivering attractive risk-adjusted performance through varied credit market cycles.