CVC Credit Partners has priced its latest European CLO at €382.5 million, the second the firm has raised in Europe this year.
Cordatus XVIII follows Cordatus XVII, which closed at €290 million in June 2020, and brings CVC’s total issuance this year to more than €650 million. The pricing also brings CVC’s total European CLO assets to more than $7 billion (€6 billion).
The CLO was arranged by Deutsche Bank and, as with previous Cordatus vehicles, will be primarily comprised of first lien senior secured loans.
Guillaume Tarneaud, senior managing director and portfolio manager at CVC Credit Partners, said: “As with most of the broader economy, 2020 has been a challenging year for CLO markets, but we have knuckled down and thanks to strong investor demand we have been able to price our second European CLO this year.”
The CLO is expected to close in November subject to customary closing conditions.