CVC Credit, the $46 billion global credit management business of CVC, is pleased to announce the successful pricing of Apidos LII, a new $400 million (c.€380 million) Collateralized Loan Obligation ("CLO"), along with the reset of Apidos XLII, which now totals approximately $550 million (c.€525 million). These two transactions, plus the recently announced pricing of Cordatus XXXIV in Europe, mark a strong start to 2025 for CVC Credit’s Performing Credit platform, bringing CVC’s aggregate value of new and reset CLO pricings so far in 2025 to $1.9bn (c.€1.8bn).
The pricing of Apidos LII is CVC Credit’s first new U.S. CLO of the year and was met with strong market demand. The transaction features a five-year reinvestment period, supported by an actively managed, diversified portfolio of senior secured loans and bonds. On the date of pricing, the portfolio was over 90% ramped. Deutsche Bank acted as lead arranger.
The reset of Apidos XLII, which was originally priced in Q4 2022, was well received by the market. This transaction extends the reinvestment period by an additional five years and further optimises the structure.
Cary Ho, Partner and Global Head of CLO Origination at CVC Credit, said: "The successful pricing of Apidos LII and the reset of Apidos XLII underscore the strength of our CLO business and our ability to capitalise on favourable market conditions. We are pleased to continue to deliver consistent performance for our investors through the active management of all our CLO vehicles."
The successful pricing of Apidos LII and the reset of Apidos XLII underscore the strength of our CLO business and our ability to capitalise on favourable market conditions.
Cary Ho Partner and Global Head of CLO Origination at CVC Credit
Gretchen Bergstresser, Managing Partner and Global Head of Performing Credit at CVC Credit, added: "2025 is off to a strong start and we remain grateful for the continued support of our investors. Our global team remains committed to delivering attractive, risk-adjusted returns across all market cycles and we are excited about what’s to come in the rest of the year."
CVC Credit has nearly 20 years of experience in successful CLO issuance, performing credit and active portfolio management, with proven experience in delivering attractive risk-adjusted performance through varied credit market cycles.