CVC prices $663.1 million CLO; middle-market CLO supply strong year to date

By Cristal Cody

Tupelo, Miss., Aug. 16 – In new broadly syndicated CLO deal action, CVC Credit Partners, LLC affiliate CVC Credit Partners U.S. CLO Management LLC priced $663.1 million of notes in the firm’s second CLO offering of the year.

CLO managers have priced more than $68 billion of new CLOs year to date, according to market sources.

In the CLO middle-market space, deal action also has been busy this year, according to a Wells Fargo Securities, LLC research note on Thursday.

“The primary middle-market CLO market has been active, with $9.4 billion pricing year to date, compared to $8.3 billion at this point last year,” Wells Fargo Securities analysts said in the note. “One new MM CLO manager has entered the market year to date.”

Vista Credit Opportunities Management LP, a credit investment and financing firm based in San Francisco, priced the $304.74 million middle-market deal, VCO CLO 2018-1 LLC, on Aug. 3.

In its deal, CVC Credit Partners U.S. CLO Management sold $663.1 million of notes due October 2031 in the broadly syndicated CLO offering, according to a market source.

Apidos CLO XXX/Apidos CLO XXX LLC priced $375.1 million of class A-1A senior floating-rate notes at Libor plus 114 bps at the top of the capital stack.

Credit Suisse Securities (USA) LLC was the placement agent.

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