CVC Credit, CVC Capital Partners’ €40 billion global credit management business, announced it has successfully closed Cordatus XXXI, its fourth new Collateralized Loan Obligation (CLO) of the year, worth over €440 million.
This new vehicle was tightly priced despite broader market volatility, bringing CVC’s aggregate value of newly priced CLOs this year to about €1.8 billion (about $2 billion). Cordatus XXXI received backing from a diverse group of new and long-standing blue-chip investors. Morgan Stanley worked as the lead arranger.
The majority of CVC Credit’s new CLOs were funded by a dedicated CLO equity vehicle, which enhances CVC Credit’s ability to control the pace of new CLO issuance and its flexibility to price opportunistically rather than relying on third-party CLO equity.
KEY QUOTES:
“In a market affected by macro volatility, this successful pricing further consolidates our position as one of Europe’s most active CLO managers. The nearly €1.8 billion of new CLOs closed in 2024 is a great start to the year and we are excited about what the rest of the year holds.”
- Guillaume Tarneaud, Partner and Head of European Performing Credit at CVC Credit
“This will be the seventeenth transaction invested in by our most recent CLO Equity vehicle, which together have an aggregate value of more than €7 billion. We continue to be well-positioned to take advantage of a market which is showing signs of a medium-term uptick in new issue loan supply globally.”
- Gretchen Bergstresser, Managing Partner and Global Head of Performing Credit at CVC Credit
