NEW YORK--(BUSINESS WIRE)--CVC Credit, the $45bn global credit management business of CVC, is pleased to announce that it has successfully priced Apidos L (50), a new $500m (c.€460m) Collateralized Loan Obligation ("CLO"). Apidos L (50) is CVC Credit’s tenth new issue CLO pricing globally this year.
Apidos L (50) has a five-year reinvestment period and two-year non-call period that is supported by an actively managed, diversified portfolio of senior secured loans and bonds. The portfolio was more than two thirds ramped on pricing date. Jefferies acted as lead arranger.
Apidos L (50) is also the fifth new CLO vehicle priced in North America in the year to date. Combined these vehicles have a combined value of $2.0bn (c.€1.9bn).
Cary Ho, Partner and Global Head of CLO Origination at CVC Credit, said: “Apidos L (50) was very well received by the market and our broad investor base. It has been a busy year in the U.S. CLO market, where new issuance, refinancings and reissuance volumes have remained high. At CVC we have taken advantage of this, pricing five new U.S. CLOs and with significant refinancing and reset activity to enhance value in our existing portfolios.”
Gretchen Bergstresser, Managing Partner and Global Head of Performing Credit at CVC Credit, added: “We appreciate the strong support we continue to receive from our valued investor base following the pricing of our tenth new CLO globally this year. Our team remains committed to delivering consistent performance through all of our CLOs actively managed, scalable and diversified pool of senior-secured floating rate loans.”
CVC Credit has nearly 20 years of experience in successful CLO issuance, performing credit and active portfolio management, with proven experience in delivering attractive risk-adjusted performance through varied credit market cycles.
About CVC Credit
CVC Credit is the credit management business of CVC. CVC Credit is a global credit asset manager with offices in the U.S. and Europe, more than 70 investment professionals and €43 billion assets under management. The platform seeks to generate positive absolute returns and attractive risk-adjusted returns on capital for its investors throughout the credit cycle. CVC Credit has built a diverse business which creates significant synergies across its investment strategies. For further information about CVC Credit please visit: www.cvc.com/strategies/credit/. Follow us on LinkedIn.