CVC Credit is pleased to announce that it has priced Apidos XL (40), a Collateralized Loan Obligation ("CLO") fund totalling $500 million, arranged by Goldman Sachs. This is the third new issue CLO priced by CVC Credit's transatlantic performing credit business has priced this year, following the pricing of Apidos XXXIX and Cordatus XXIII in February and March respectively.
Apidos XL will increase CVC Credit's global AUM to over $34 billion (€32 billion). The transaction has been structured with a five-year reinvestment period and was very well-supported by both existing and new investors. As with previous Apidos funds, Apidos XL is primarily comprised of broadly syndicated First Lien Senior Secured Loans and was approximately 90% purchased at pricing.
Kevin O'Meara, Partner, Portfolio Manager and Head of the US Performing Credit Business at CVC Credit, said: "We are delighted to have priced CVC Credit’s second US CLO of 2022 with the collective expertise of our investment, structuring and operations teams, and having done so despite such volatile market conditions is a real achievement."
Gretchen Bergstresser, Partner and Global Head of Performing Credit at CVC Credit, commented: "This pricing is testament to the combined strengths of our terrific teams in New York and London and we are thrilled with the continued strong support we receive from our wide base of investors. In spite of tough market conditions we expect to continue to launch new issuances across our transatlantic CLO business through the rest of the year, with the next one expected to be in Europe in the next month."