CVC Credit Partners has priced its CVC Cordatus Loan Fund VIII at €415.6 million via Goldman Sachs. The CLO received strong investor demand across 33 investors, including 5 new investors to CVC Credit Partners' European platform, with the tightest AAA, A and BBB pricing for a European CLO since the financial crisis.
CVC Credit Partners European CLO Management will hold subordinated notes equal to at least 5% of the net economic interest in the CLO. The sponsor-manager has been set up to allow CVC to raise dual-compliant risk-retention capital from third parties. The transaction can invest in senior secured first-lien bank loans, FRNs, and senior secured bonds, among other debt obligations.
The settlement will occur on 30th March 2017 and the first payment date is 23rd October 2017.