CVC Credit priced a collateralized loan obligation, Apidos XXXIV, at $402 million.
This CLO increases CVC Credit’s global CLO funds raised in 2020 to $1.6 billion. Pro forma for these funds, CVC Credit’s global CLO assets under management now stand at approximately $17 billion.
Arranged by Deutsche Bank, Apidos XXXIV is CVC Credit’s second new-issue CLO to price in the U.S. in 2020 and will increase U.S. CLO assets under management to approximately $10 billion. As with previous Apidos CLOs, the fund is primarily comprised of broadly syndicated first lien senior secured loans.
Apidos XXXIV is also the company’s second CLO priced in the last month, following the pricing of Cordatus XVIII. Together these funds total $850 million of new issuance. Cordatus XVIII is a €382.5 million ($451.54 million) European focused CLO also arranged by Deutsche Bank. It is CVC Credit’s second European CLO priced in 2020, following Cordatus XVII in June. European CLO assets under management now stands at $7 billion.
“To price two deals in the U.S. during such a volatile year displays the disciplined and targeted approach of the platform. We are pleased with our asset ramp for Apidos XXXIV and the recent improving market conditions created a window to price our liabilities at an attractive financing rate.” Kevin O’Meara, senior managing director and portfolio manager at CVC Credit Partners, said.
“This is our fourth new CLO issuance globally in 2020 – a good result particularly for a year as challenging as 2020. Thanks to the cohesion of our U.S. and European teams we were able to run broadly concurrent processes for Apidos XXXIV and Cordatus XVIII, enabling various operational synergies to boost the speed and efficiency of both pricings.” Gretchen Bergstresser, global head of performing credit at CVC Credit Partners, said.
CVC Credit Partners is the credit management business of CVC, and a global credit asset manager.