CVC’s credit management arm has priced its first new US collateralised loan obligation (CLO) of 2024, and said it was “well-received by the market”.
Apidos XLVII, a $507m (£473m) CLO, is mainly comprised of broadly syndicated first lien senior secured loans. It has a five-year reinvestment period and was supported by a group of new and existing investors.
BNP Paribas acted as the lead arranger.
Read more: Credit ratings for SME CLOs forecast to remain stable despite rising insolvencies
CVC Credit, the $43bn dedicated credit strategy of the global asset manager, said that the Apidos XLVII is the second new CLO priced by its transatlantic performing credit platform this year.
This followed the pricing of Cordatus Opportunities Loan Fund Re-issue last week.
Read more: TMF Group adopts Broadridge solution to enhance private debt and CLO offering
“We are pleased to have priced our first new US CLO of 2024 so early in the year,” said Kevin O’Meara, partner and global head of US performing credit at CVC Credit.
“Apidos XLVII was well-received by the market due to its clean portfolio and successful ramping of assets to date.”
Gretchen Bergstresser, managing partner and global head of performing credit at CVC Credit, added: “The successful pricing of Apidos XLVII is testament to the unparalleled demand our global investors have shown for the attractive, consistent and market-leading performance our CLOs continue to generate. We’re excited about the outlook for CLOs in the year ahead as more participants return to the market.”
Read more: DWS hires Man Group veteran to launch CLO business
