CVC listed vehicle places over £15m in shares

Listed leveraged loan investment vehicle issues new shares for the fifth time this year.

CVC Credit Partners’ listed investment vehicle, CVC Credit Partners European Opportunities Limited (CCPEOL), placed £15.65 million ($24.5 million; €19.74 million) of shares, according to a stock exchange announcement on Tuesday (16 December). The placement was the company’s fifth such share ‘tap’ this year, CCPEOL chairman Richard Boléat told PDI.

The vehicle listed last year and is designed to give smaller retail investors access to CVC’s European credit opportunities investment vehicle. The new listed fund raised €351 million at launch last year via almost 175 million euro-denominated shares at an issue price of €1, and almost 151 million sterling-denominated shares at £1 per share.

The latest tap was priced at £1.047 per share, a premium to the vehicle’s current net asset value (NAV), said Boléat. NAV for sterling shares stood at £1.0265 as of 28 November, according to a statement from the firm.

The listed vehicle has continued to allow investors to buy into the company over the year with the five taps raising totals of €63.3 million and £98.7 million. The first tap was for £66.35 million and €30.96 million of C shares.

The latest issue is the final one planned for this year and the board will keep the programme under review and will consider further taps in the new year depending on demand and investment opportunities. 

The new shares are expected to be admitted to the London Stock Exchange on Friday, 19 December.

Goldman Sachs was bookrunner on the issue while Dexion Capital acted as placement agent, according to the announcement.