CVC Credit Partners priced Cordatus XVIII, a collateralized loan obligation fund totaling $447,697,125(€382.5 million) and arranged by Deustche Bank. As with previous Cordatus CLOs, the fund primarily consists of broadly syndicated first lien senior secured loans.
This will be the second CLO fund CVC Credit has raised in Europe in 2020, following the closing of Cordatus XVII in June for $339,653,800 (€290 million). European CLO assets under management have now reached a new milestone at $7 billion.
“As with most of the broader economy, 2020 has been a challenging year for CLO markets, but we have knuckled down and thanks to strong investor demand, we have been able price our second European CLO this year.” Guillaume Tarneaud, senior managing director and portfolio manager at CVC Credit Partners, said.
“We are delighted to have priced our second European CLO this year and the third globally. This was again a great team effort across our CLO business, leveraging the joint expertise of both our London and New York offices to get this fund to market.” Gretchen Bergstresser, global head of performing credit at CVC Credit Partners, said.
The fund is expected to close in November and is subject to customary closing conditions.
CVC Credit Partners is the credit management business of CVC and is a global credit asset manager with offices in the U.S. and Europe, more than 60 investment professionals and $26 billion of assets under management.
