CVC Credit priced Cordatus XXI, a collateralized loan obligation fund totaling €406 million ($481.1 million) and arranged by Barclays. This is the fourth CLO fund CVC Credit has priced globally this year and will take its assets under management to more than $29.5 billion.
Cordatus XXI was oversubscribed and raised from an investor base of both new and existing investors. As with previous Cordatus CLOs, the fund is primarily comprised of broadly syndicated first lien senior secured loans.
“We are delighted to have priced our latest European CLO, which increases our leadership position in Europe,” Guillaume Tarneaud, partner and portfolio manager at CVC Credit, said. “We now manage more than $9 billion of aggregate European CLO AUM, and in the year to date, have priced transactions with an aggregate value of more than $4.4 billion.”
“It has been an extremely busy and successful start to the year for CVC Credit,” Gretchen Bergstresser, global head of performing credit at CVC Credit, said. “When taking into account fund refinancings, this is our 16th CLO transaction in 2021, with an aggregate value of over $7.6 billion. We are delighted with this progress and we have now achieved more than $21 billion of global CLO AUM. However, there is plenty more to come and we will continue working hard to ramp this even further in the coming months.”