CVC Credit priced Apidos XXXIX, a collateralized loan obligation (CLO) fund totaling approximately $508 million and arranged by Societe Generale. This is the first new issue CLO CVC Credit has priced globally this year, following a record year in 2021, which saw CVC Credit raise seven new issue CLOs with a total value of more than $3.5 billion.
Apidos XXXIX will increase CVC Credit’s global AUM to more than $30 billion. The transaction has been structured with a five-year reinvestment period and was well-received by investors, and priced at the tight end of the market. As with previous Apidos funds, Apidos XXXIX is primarily comprised of broadly syndicated first lien senior secured loans.
“We are delighted to not only have successfully priced our first new U.S. CLO of 2022, but having done so with such a wide base of both new and existing global investors and pricing at market tight levels,” Cary Ho, partner and global head of CLO origination for performing credit at CVC Credit, said.
“2021 was a record year for us with seven new CLOs raised and a total of 26 transactions including resets and refinancings and it’s fantastic to get this year started with another brand new CLO,” Gretchen Bergstresser, partner and global head of performing credit at CVC Credit, said. “This terrific result is thanks to the hard work and collaboration of our dedicated teams in New York and London, and we remain very grateful to our investors and the market for their unwavering support of our transatlantic platform.”
