CVC Credit Prices $500M Apidos L (50), Marking Tenth New CLO Issuance of the Year
CVC Credit, the $45 billion global credit management arm of CVC, has announced the successful pricing of Apidos L (50), a new $500 million (€460 million) Collateralized Loan Obligation (CLO). This issuance represents CVC Credit’s tenth new CLO globally in 2024. Apidos L (50) features a five-year reinvestment period and a two-year non-call period, backed by a diversified and actively managed portfolio of senior secured loans and bonds. By the pricing date, the portfolio was more than two-thirds ramped. Jefferies served as the lead arranger for the transaction.
Apidos L (50) is also the fifth new CLO priced in North America this year, contributing to a total issuance volume of $2 billion (€1.9 billion) across these vehicles.
Cary Ho, Partner and Global Head of CLO Origination at CVC Credit, commented, “The market reception for Apidos L (50) was very positive, reflecting our strong and diverse investor base. The U.S. CLO market has seen high activity in terms of new issuances, refinancings, and reissuances, and we’ve capitalized on these opportunities by pricing five new U.S. CLOs while also engaging in significant refinancing and reset activity to enhance the value of our existing portfolios.”
Gretchen Bergstresser, Managing Partner and Global Head of Performing Credit at CVC Credit, added, “We are grateful for the continued support from our investors following the pricing of our tenth new CLO globally this year. Our focus remains on delivering consistent performance through our actively managed, scalable, and diversified pool of senior-secured floating-rate loans.”
With nearly 20 years of expertise in CLO issuance and active portfolio management, CVC Credit has a strong track record of delivering attractive risk-adjusted returns through various credit market cycles.
About CVC Credit
CVC Credit is the credit management business of CVC. CVC Credit is a global credit asset manager with offices in the U.S. and Europe, more than 70 investment professionals and €43 billion assets under management. The platform seeks to generate positive absolute returns and attractive risk-adjusted returns on capital for its investors throughout the credit cycle. CVC Credit has built a diverse business which creates significant synergies across its investment strategies.
