CVC Credit, the c.$60 billion (€52 billion) global credit management business of CVC, today announced it has successfully priced Apidos LVIII (58), a new $550 million Collateralized Loan Obligation (CLO) vehicle. Apidos LVIII is CVC Credit’s third U.S. new issue CLO and its fourth new issue globally this year.
CVC Credit continues to see strong demand for its CLOs despite volatile market conditions, with Apidos LVIII well received by investors across the entire capital structure and pricing at market tights. The CLO has a five-year reinvestment period and a two-year non-call period. Bank of America served as lead arranger.
Kevin O’Meara, Managing Partner and Co-Head of CVC Global Liquid Credit, said: “Pricing our third U.S. new issue and fourth globally this year, we are proud to maintain a consistent and strong global platform that performs across market cycles and volatility. We were particularly pleased to see broad participation across the capital structure and continued support from longstanding equity investors. We are focused on maintaining this momentum through the second half of the year.”
CVC's Liquid Credit business manages $36.8 billion (€32 billion) in assets across more than 70 active funds, managed by a team of 40 investment professionals in Europe and the U.S. CVC Credit has 20 years of experience as a successful CLO issuer, liquid credit and active portfolio management, with a proven track record of delivering attractive risk-adjusted performance through credit market cycles. Since inception, no CVC Credit CLO has ever missed a distribution to equity holders.