CVC Credit Partners, an alternative investment manager focused on sub-investment grade debt markets in the US and Europe, has priced its CVC Cordatus Loan Fund VIII at EUR415.6 million via Goldman Sachs.
The CLO received strong investor demand across 33 investors, including five new investors to CVC Credit Partners’ European platform, with the tightest AAA, A and BBB pricing for a European CLO since the financial crisis.
The transaction was structured as an originator transaction for risk retention, with the originator housed within the management entity, in line with CVC Credit Partners’ previous European CLOs. CVC Credit Partners Group Limited will act as the collateral manager and retention holder, with CVC Credit Partners Investment Management Limited acting as sub-manager issuer. The transaction can invest in senior secured first-lien bank loans, FRNs, and senior secured bonds, among other debt obligations.
The settlement will occur on 30th March 2017 and the first payment date is 23 October 2017.
