The $41 billion global credit management firm CVC Credit priced its latest collateralized loan obligation, Apidos XLVI, at $504 million.
Societe Generale acted as the lead arranger, officials said. The seventh CLO priced by CVC in 2023, it builds on the aggregate value of $3.1 billion of the New York-based firm’s CLO business.
“We remain dedicated to assembling high-quality portfolios and attractive yields to our investors throughout business cycles,” Cary Ho, partner and global head of CLO origination for performing credit at CVC. “This is the fourth new US CLO vehicle we have priced this year and our seventh globally, a result we could not have achieved without the strong support of the market and the investors of CVC CLO Equity III, which recently closed with $800 million of commitments.”
The new CLO was supported by CVC Credit’s dedicated CLO equity vehicle, $800 million CVC CLO Equity III, which invests in the majority equity investments in CVC-managed CLOs issued in the U.S. and Europe. The equity strategy is intended to support over $10 billion of global CLO issuance for CVC Credit’s Performing Credit platform.
The credit business, with offices in the U.S. and Europe, includes performing credit and private credit business. The CLO issuance follows the firm’s blockbuster private equity fund raise announced last week.
“We’re grateful for the strong support shown by both our new and returning investors in the continued expansion of CVC’s transatlantic platform, reflecting the positive growth trajectory our team has achieved in a challenging macroeconomic environment,” said Gretchen Bergstesser, managing partner and global head of performing credit at CVC Credit.
