CVC Credit has priced its new €406m (£351m) collateralised loan obligation (CLO), Cordatus XXXVIII. The transaction marks CVC’s first new CLO issue this year in Europe and its second globally, following Apidos LVI in the US.
The firm said that Cordatus XXXVIII priced at the tightest running cost of debt achieved for any long-dated European CLO priced since February and was supported by both long-term and new blue chip investors.
Read more: Kartesia launches European CLO platform with €140m capital
It has a four-and-a-half-year reinvestment period and a one-and-a-half non-call. Roughly 60 per cent of the portfolio had already been sourced at the time of pricing. Citi acted as arranger for the vehicle.
“Pricing tightly in a market disrupted by major geopolitical events is testament to the resilience of our platform and our consistently strong track record. We appreciate the continued support of our investors and are hyper focused on careful deployment of the capital we manage,” said Guillaume Tarneaud, managing partner and co-head of CVC Global Liquid Credit.
CVC’s Liquid Credit business manages €32bn in assets across more than 70 active funds, managed by a team of around 40 investment professionals in Europe and the US.
