CVC Credit has priced its latest collateralized loan obligation at $506 million. Deutsche Bank arranged Apidos XXXVII, which is primarily comprised of broadly syndicated first lien senior secured loans.
CVC Credit is pleased to announce that it has priced Apidos XXXVII, a Collateralized Loan Obligation (“CLO”) fund totalling $506 million. This is fifth new CLO fund CVC Credit has priced globally this year with an aggregate value of c.$2.5 billion.
Apidos XXXVII will increase CVC Credit’s global CLO assets under management to more than $21 billion. Arranged by Deutsche Bank, the transaction has been structured with a five-year reinvestment period and priced at the tight end of the market. Apidos XXXVII is primarily comprised of broadly syndicated First Lien Senior Secured Loans.
Kevin O’Meara, Partner and Portfolio Manager at CVC Credit, said: “We are pleased not only to have successfully priced our third new U.S. CLO of 2021, but also to have raised it from a diverse base of both new and existing investors.”
Gretchen Bergstresser, Partner and Global Head of Performing Credit at CVC Credit, commented: “The significant growth of our platform in the past 12 months is testament to the success and hard work of our team. To say we have been busy this year would be an understatement – this is our twentieth transaction of 2021. We see no let up in market activity in the short term and expect to continue to price new and to refinance more of our existing funds in the remaining months of the year.”
About CVC Credit
CVC Credit is the credit management business of CVC. CVC Credit is a global credit asset manager with offices in the U.S. and Europe, over 60 investment professionals. CVC Credit seeks to generate for its investors positive absolute returns and attractive risk-adjusted returns on capital throughout the credit cycle. CVC Credit has built a diverse platform which creates significant synergies across its investment strategies. For further information please visit: www.cvc.com/credit.