Cordatus XXVII is the second European CLO priced in 2023 by CVC’s €36 billion Credit platform

CVC Credit is pleased to announce that it has successfully closed Cordatus XXVII, the fourth Collateralized Loan Obligation ("CLO") of 2023 by CVC’s €36 billion Credit platform. The CLO was c.€400m (c.$436m) and brings the total CLO issuance for 2023 to c.€1.6bn (c.$1.8bn). Goldman Sachs acted as the lead arranger.

Cordatus XXVII was the first CLO priced in Europe since the recent volatility as a result of events involving Silicon Valley Bank and Credit Suisse. It was raised from a broad group of new and existing investors and the portfolio was ramped at an attractive weighted average price despite the ongoing market volatility.

Guillaume Tarneaud, Partner and Head of European Performing Credit at CVC Credit said: “We are delighted to have priced our second European CLO of the year, building on the over €10 billion of European CLO AUM we achieved for the first time earlier this year. Our latest CLO pricing reflects the depth and experience of the CVC Credit platform to price new vehicles through market fluctuations. While the market remains challenging, we managed to swiftly ramp the portfolio at an attractive weighted average price.”

Quotes

We remain confident in the compelling opportunities ahead for Performing Credit in 2023. We have established a strong position as one of the world's leading CLO issuers thanks to our strong investor relationships and our experienced transatlantic teams.

Gretchen Bergstresser Managing Partner and Global Head of Performing Credit at CVC Credit

Gretchen Bergstresser, Managing Partner and Global Head of Performing Credit at CVC Credit, said: “We remain confident in the compelling opportunities ahead for Performing Credit in 2023. We have established a strong position as one of the world's leading CLO issuers thanks to our strong investor relationships and our experienced transatlantic teams.”