CVC Credit priced Apidos XLIII (43), a collateralized loan obligation fund totalling $368.4 million, arranged by Deutsche Bank.
Apidos XLIII is the first new CLO priced by CVC Credit’s transatlantic performing credit platform this year and will increase CVC Credit’s global AUM to more than $38 billion. The transaction was structured with a five-year reinvestment period that was oversubscribed by both existing and new investors even as market conditions remain challenging. Apidos XLIII continues the momentum from 2022, during which seven new CLOs were issued last year, which together total nearly $3.4 billion.
“We’re proud to have priced Apidos XLIII following what was a volatile capital markets environment in 2022, characterized by a more pronounced focus on credit risk, recessionary concerns, rising inflation and interest rates, and geopolitical uncertainty,” Cary Ho, partner and global head of CLO origination for performing credit at CVC Credit, said. “CVC Credit’s latest CLO pricing reflects the continued demand from investors seeking attractive investment opportunities in performing credit, while looking to realize the upside performance of our portfolios.”
“We are really excited about the compelling opportunities ahead for performing credit in 2023, and we would like to thank all our investors for their continued support,” Gretchen Bergstresser, managing partner and global head of performing credit at CVC Credit, said. “Our team will continue to maintain a strong focus on credit selectivity amid today’s heightened borrower risk and elevated inflationary environment.”
As with previous CVC Credit CLOs, Apidos XLIII is primarily comprised of broadly syndicated first lien senior secured loans.
