CVC Credit, the €40bn global credit management business of CVC Capital Partners, has closed Cordatus XXXI, its fourth new collateralised loan obligation (CLO) this year, at more than €440m ($475m).
The new vehicle, which was tightly priced despite broader market volatility, brings CVC’s aggregate value of newly priced CLOs in 2024 to €1.8bn ($2.0bn). Morgan Stanley acted as the lead arranger.
The majority equity portion for CVC Credit’s new CLOs is made from a dedicated CLO equity vehicle, which, according to a press statement “enhances CVC Credit’s ability to control the pace of new CLO issuance and enhances its flexibility to price opportunistically, rather than relying on third-party CLO equity”.
