Cordatus XXV is the second CLO priced in 2023 by CVC’s €36 billion Credit platform
CVC Credit is pleased to announce that it has priced Cordatus XXV, a Collateralized Loan Obligation (“CLO”) fund totalling €400m and arranged by Citibank. This is the second new CLO fund CVC Credit has priced globally this year and first in Europe.
Cordatus XXV was oversubscribed and priced at the tight end of the market amid very challenging conditions. The CLO is structured with a four and a half year reinvestment period, with capital raised from both new and long-standing existing investors. As with previous Cordatus CLOs, this CLO is primarily comprised of broadly syndicated First Lien Senior Secured Loans.
We are thrilled to have priced our first European CLO of the year, which will increase our European CLO AUM to over €10 billion for the first time. While the market remains challenging, pricing a CLO in such an environment positions us well to acquire assets at attractive prices over the coming weeks.
Guillaume Tarneaud Partner and Portfolio Manager at CVC Credit
In spite of market conditions, and thanks to the combined strengths of our terrific teams in New York and London, we have been able to price two new CLOs within a week. As we continue to build upon our position as one of the world's leading CLO issuers, it has been essential to continue the strong momentum we had in 2022, and we are optimistic that we will be able to launch further new issuances across our transatlantic CLO business throughout the remainder of the year.
Gretchen Bergstresser Managing Partner and Global Head of Performing Credit at CVC Credit