Cordatus XXIV is the fourth new CLO fund priced by CVC’s €32 billion Credit platform in 2022, despite challenging market conditions.
CVC Credit is pleased to announce that it has priced Cordatus XXIV, a Collateralized Loan Obligation (“CLO”) fund totalling €355m, arranged by Goldman Sachs. This is the fourth new CLO fund CVC Credit has announced globally this year. Together, these new funds have an aggregate value of nearly €1.8bn.
Cordatus XXIV was upsized by €30m due to strong support from a diverse book of both new and longstanding investors. As with previous Cordatus funds, Cordatus XXIV is primarily comprised of broadly syndicated First Lien Senior Secured Loans.
Guillaume Tarneaud, Partner and Head of European Performing Credit at CVC Credit, said: “We are thrilled to have priced our second European CLO of 2022. We were especially pleased with the strength of support we received despite the challenging market conditions. Pricing a CLO in such an environment positions us well to buy assets at attractive levels over the coming weeks.”
We are thrilled to have priced our second European CLO of 2022. We were especially pleased with the strength of support we received despite the challenging market conditions. Pricing a CLO in such an environment positions us well to buy assets at attractive levels over the coming weeks.
Guillaume Tarneaud Partner and Head of European Performing Credit at CVC Credit
Gretchen Bergstresser, Partner and Global Head of Performing Credit at CVC Credit, said: “In spite of market conditions, and thanks to the combined strengths of our terrific teams in New York and London, 2022 continues to be a successful year for us. We were delighted with our record performance in 2021, and given the pricing just announced for Cordatus XXIV we are optimistic that will be able to launch further new issuances across our transatlantic CLO business throughout the remainder of the year.”
