The pricing of Cordatus XXVI will increase the aggregate value of new CLO funds raised by CVC Credit in 2022 to c.€2.7 billion.
CVC Credit is pleased to announce that it has priced Cordatus XXVI, a Collateralized Loan Obligation (“CLO”) fund totalling €423.5m, co-arranged by Barclays Bank PLC and Société Générale SA. This is the sixth new CLO fund CVC Credit has announced globally this year and the third new CLO fund in Europe. Together, these new funds have an aggregate value of c.€2.7bn.
Cordatus XXVI was upsized from c.€400m target par, due to strong support from a diverse book of both new and longstanding investors. As with previous Cordatus funds, Cordatus XXVI is primarily comprised of broadly syndicated First Lien Senior Secured Loans.
With the new issue market down significantly in the year to date, we are very pleased to get our sixth new CLO of the year across the lineGretchen BergstresserPartner and Global Head of Performing Credit at CVC Credit
Guillaume Tarneaud, Partner and Head of European Performing Credit at CVC Credit, said: “We are delighted to have priced Cordatus XXVI, our third new issue European CLO this year. The ability to still raise funds despite the challenging market conditions will allow us to opportunistically buy good assets at attractive levels.”
Gretchen Bergstresser, Partner and Global Head of Performing Credit at CVC Credit, said: “With the new issue market down significantly in the year to date, we are very pleased to get our sixth new CLO of the year across the line. As with all new CLO pricings, this has been a huge team effort across our transatlantic platform, and increases the aggregate value of new CLOs priced in 2022 to €2.7bn.”