CVC Credit priced its first CLO of the year, Apidos XLIII (43), at $500 million.
The new CLO was priced by CVC’s $38 billion global credit platform and arranged by Deutsche Bank. The transaction was structured with a five-year reinvestment period that was oversubscribed by both existing and new investors even as market conditions have remained challenging, officials said.
“We’re proud to have priced Apidos XLIII following what was a volatile capital markets environment in 2022, characterized by a more pronounced focus on credit risk, recessionary concerns, rising inflation and interest rates, and geopolitical uncertainty,” said Cary Ho, partner and global head of CLO origination for performing credit at the firm. “CVC Credit’s latest CLO pricing reflects the continued demand from investors seeking attractive investment opportunities in performing credit, while looking to realize the upside performance of our portfolios.”
Last year the firm issued CLOs totaling roughly $3.4 billion. As with previous CLOs offered by CVC Credit, Apidos XLIII is primarily comprised of broadly syndicated first lien senior secured loans.
“We are really excited about the compelling opportunities ahead for Performing Credit in 2023, and we would like to thank all our investors for their continued support,” said Gretchen Bergstresser, managing partner and global head of performing credit at CVC Credit. “Our team will continue to maintain a strong focus on credit selectivity amid today’s heightened borrower risk and elevated inflationary environment.”