CVC Credit, the €43 billion global credit management business of CVC, has successfully priced Cordatus XXXIII, a new Collateralized Loan Obligation (“CLO”) of 2024 at c.€430m (c.$465m).

BNP Paribas served as the lead arranger for the new vehicle, which is the ninth new CLO of the year priced by CVC globally.

Cordatus XXXIII was priced at the tightest weighted average cost of debt for new European CLOs issued following the period of market volatility in August 2024. The vehicle has a four-and-a-half year reinvestment period and a one-and-a-half year non-call structure with over 60% of assets already sourced.

This CLO brings CVC’s aggregate value of newly priced CLOs in 2024 to more than €3.5bn (c.$3.75bn).

Guillaume Tarneaud, Partner and Head of European Performing Credit at CVC Credit, said: “Cordatus XXXIII received backing from a diverse group of both new and long-standing blue-chip investors, reflecting their continuing confidence in CVC Credit’s performing credit strategy and our ability to maintain a structured and measured approach to investing. We remain well-positioned to leverage favourable market conditions and we are seeing a considerable uptick in new issue loan supply across Europe.”

Gretchen Bergstresser, Managing Partner and Global Head of Performing Credit at CVC Credit, said: “In a market affected by macro volatility, we appreciate our global investor base’s continued support following our latest pricing. It further consolidates our position as a leading European CLO manager and reflects the strength and experience of our global Performing Credit team. 2024 has turned out to be a strong year so far and we are optimistic for Q4 2024.”