CVC details Apidos CLO; Harvest transaction closes in quiet CLO primary

Chicago, Nov. 12 – The collateralized loan obligation market had nothing new enter the primary space on Thursday after a one-day midweek holiday on Wednesday.

However, terms and details became available on the Apidos CLO XXXIV/Apidos CLO XXXIV LLC portfolio being managed by CVC Credit Partners, LLC.

And, Harvest CLO XXV DAC was heard to have closed on its earlier announced deal from Europe’s CLO market.

In its deal, CVC Credit Partners provided details on its $408.5 million offering of notes in the new broadly syndicated CLO from Apidos CLO XXXIV/Apidos CLO XXXIV LLC.

CVC’s CLOs tend to favor software, hotels, restaurants and leisure, and chemicals, according to S&P Global Ratings.

This portfolio, however, has as its top five industry distribution in this order: telecom, software, hotels restaurants and leisure, health care providers and services and insurance.

The first maturity on the collateral underlying the portfolio is in late 2021 with the last maturity currently mid-2029.

The facility matures Jan. 20, 2033.

Meanwhile, Harvest CLO XXV closed on its €419.56 million transaction on Thursday.

The CLO was expected to be 90% ramped by closing with the remaining 10% of the portfolio to be collateralized in the eight-month ramp-up period.

The eight-class portfolio plus subordinated notes will mature on Jan. 23, 2034.

Investcorp Credit Management EU Ltd. manages the CLO.

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