Cordatus XXVIII is also the third CLO priced in Europe in 2023 by CVC’s €36 billion Credit platform.
CVC Credit is pleased to announce that it has successfully closed Cordatus XXVIII, the sixth Collateralized Loan Obligation ("CLO") of 2023 by CVC’s €36 billion Credit platform.
The new vehicle totals c.€375m (c.$405m) and brings CVC’s aggregate value of newly priced CLOs in 2023 to €2.5bn. Cordatus XXVIII was raised from a broad group of new and existing investors. Barclays acted as the lead arranger.
Despite CLO new issuance volumes being down year-on-year, CVC has been able to strategically price six new CLOs despite market volatility.
Guillaume Tarneaud, Partner and Head of European Performing Credit at CVC Credit said: “We are delighted to have priced our third new issue European CLO in 2023. While the market remains tough, we saw oversubscription across tranches, driving some of the tightest mezzanine prints in Q2 2023. The pricing reflects our strong investor base, attractiveness of the CVC Credit platform and demand from investors seeking investment opportunities in Performing Credit.”
This is a great achievement in the first six months of the year and we are focused on continuing to building on this position in both Europe and the US over the next six months.
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: “The pricing of CVC’s sixth new CLO of 2023 will increase our aggregate new CLO pricings for the year-to-date to approximately €2.5bn. This is a great achievement in the first six months of the year and we are focused on continuing to building on this position in both Europe and the US over the next six months.”