CVC Credit priced Apidos XLV (45), a new issue collateralized loan obligation (CLO) vehicle totalling $500 million. Bank of America served as lead arranger.
Apidos XLV is the fifth CLO priced by CVC Credit’s transatlantic performing credit platform in 2023, following the recent pricings of Apidos XLIV (U.S.-based) and Cordatus XXVII (European focused) in late March and April, respectively. This latest transaction, which features a five-year reinvestment period, was supported by a group of more than 20 global investors. Apidos XLV is mainly comprised of broadly syndicated first lien senior secured loans.
“We are excited to have been able to price Apidos XLV so soon after our most recent U.S. and European CLOs, continuing to take advantage of attractive market opportunities,” Cary Ho, partner and global head of CLO origination for performing credit at CVC Credit, said. “Apidos XLV takes our total new vehicle pricings for 2023 to five, which together have a combined value of c. $2.2 billion.”
“We are very pleased to have been able to price of fifth new CLO of 2023 globally and are extremely appreciative of the strong support from our investors who recognize CVC Credit’s experience of investing during periods of volatility,” Gretchen Bergstresser, managing partner and global head of performing credit at CVC Credit, said. “We will continue to take a disciplined approach to investing while at the same time remaining opportunistic when attractive opportunities arise.”
