CVC Credit Partners prices its fifth CLO since June

Cordatus XIX increases CVC Credit Partners’ total new CLO issuance in 2020 to more than $2 billion

CVC Credit Partners (“CVC Credit”) is pleased to announce the pricing of Cordatus XIX, a Collateralized Loan Obligation (“CLO”) fund totalling €379 million arranged by Barclays.

This will be the fifth CLO fund raised by CVC Credit in 2020 and increases our aggregate global issuance for the year to c.$2.0 billion (c.€1.7 billion). It is also the third European CLO fund raised, following the closing of Cordatus XVII in June (€290 million) and Cordatus XVIII in November (€383 million), together these three funds total more than €1 billion.

Cordatus XIX was assembled in just six weeks from a warehouse which opened in October and will have a four-year reinvestment period (which is a market first in Europe post-COVID). As with previous Cordatus CLOs, the fund is primarily comprised of broadly syndicated First Lien Senior Secured Loans.

Guillaume Tarneaud, Senior Managing Director and Portfolio Manager at CVC Credit Partners, said: “We are delighted to have priced our third European CLO of the year and pleased to have constructed a robust portfolio by taking advantage of attractive loan prices pre US elections. This latest raising increases our aggregate CLO AUM in Europe to circa $7.5 billion.”

Gretchen Bergstresser, Global Head of Performing Credit at CVC Credit Partners, said: “Despite the challenging economic environment we have continued to grow our CLO business in 2020 and now have global CLO assets of more than $17 billion. We have a top class, transatlantic performing credit business, split evenly between London and New York and we hope our next U.S. focused CLO will come to market soon.”

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Closing is expected in January 2021 and is subject to customary closing conditions.

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