CVC Credit Prices First New CLO of 2023 at $500M

CVC Credit, the credit management arm of CVC, priced its first Collateralized Loan Obligation (CLO) of the year – Apidos XLIII (43) – at $500 million, increasing its assets to over $38 billion. The CLO was arranged by Deutsche Bank.

The transaction was structured with a five-year reinvestment period that was oversubscribed by both existing and new investors even as market conditions have remained challenging, the company said.

Last year the firm issued seven new CLOs totaling roughly $3.4 billion. As with previous CLOs offered by CVC Credit, Apidos XLIII is primarily comprised of broadly syndicated first lien senior secured loans.

“We’re proud to have priced Apidos XLIII following what was a volatile capital markets environment in 2022, characterized by a more pronounced focus on credit risk, recessionary concerns, rising inflation and interest rates, and geopolitical uncertainty,” said Cary Ho, partner and global head of CLO origination for performing credit at the firm.