CVC Credit, the €40 billion global credit management business of CVC, is pleased to announce that it has successfully closed Cordatus XXX, its third new Collateralized Loan Obligation ("CLO") of 2024.
The new vehicle totals €400m (c.$432m) and brings CVC’s aggregate value of newly priced CLOs in 2024 to €1.4bn (c.$1.5bn). Cordatus XXX was raised from a broad group of new and existing blue chip investors. Goldman Sachs acted as the lead arranger.
The majority equity portion for CVC Credit’s new CLOs are made from a dedicated CLO equity vehicle, which enhances CVC Credit’s ability to control the pace of new CLO issuance and enhances its flexibility to price opportunistically, rather than relying on third-party CLO equity.
Guillaume Tarneaud, Partner and Head of European Performing Credit at CVC Credit said: “The successful pricing of Cordatus XXX further consolidates our position as one of Europe’s most active CLO managers and means we continue to be well-positioned to take advantage of the expected uptick in new issue loan supply across Europe.”
The pricing of Cordatus XXX is our third new CLO in as many months, which together mean we have now priced nearly €1.4 billion of new CLOs in 2024.
Gretchen Bergstresser Managing Partner and Global Head of Performing Credit
Gretchen Bergstresser, Managing Partner and Global Head of Performing Credit at CVC Credit, said: “The pricing of Cordatus XXX is our third new CLO in as many months, which together mean we have now priced nearly €1.4 billion of new CLOs in 2024. This is a great start to the year and we are now excited about Q2 and the second half of the year after that.”