Key Takeaways
- • CVC Credit priced Apidos LVI (56), a $550 million CLO vehicle, marking the firm's first new issue and reset of 2026, achieving approximately 70% ramp at pricing despite volatile market conditions.
- • The transaction featured a five-year reinvestment period and two-year non-call period, with BNP Paribas serving as lead arranger; pricing occurred inside market tights despite challenging conditions.
- • CVC Credit completed its fourth reset or refinancing of 2026 with the Apidos XXXI reset (originally priced Q2 2019), demonstrating active CLO portfolio management focused on capital structure optimization.
- • CVC's Liquid Credit business manages €31 billion in assets across more than 70 active funds with approximately 40 investment professionals deployed across European and US operations.
- • The successful pricing underscores CVC Credit's market positioning and investor support following eight new issue CLOs priced in 2025 and 25 CLO resets or refinancings across the platform last year.
Summary
CVC Credit, the approximately $60 billion global credit management business of CVC Capital Partners, announced the successful pricing of Apidos LVI (56), a $550 million collateralized loan obligation (CLO) vehicle. The transaction marks CVC's first new issue CLO and reset of 2026, positioning the firm as an active participant in the CLO market despite prevailing volatile market conditions.
The Apidos LVI transaction achieved approximately 70% ramp at pricing and priced inside market tights, a notable achievement given the challenging market environment. The CLO structure includes a five-year reinvestment period and a two-year non-call period, with BNP Paribas serving as the lead arranger. CVC Credit simultaneously completed the reset of Apidos XXXI, originally priced in the second quarter of 2019, representing the firm's fourth reset or refinancing transaction of 2026.
According to Kevin O'Meara, Managing Partner and Co-Head of CVC Global Liquid Credit and Head of US Liquid Credit, "Completing our first new issue US CLO and reset of the year in a volatile market environment reflects the consistency of our platform and the strength of CVC's global network." The commentary underscores CVC's strategic focus on active CLO portfolio management to optimize capital structures for both value creation and preservation.
CVC Credit's Liquid Credit business operates a substantial platform managing €31 billion in assets across more than 70 active funds, supported by a team of approximately 40 investment professionals in Europe and the United States. The firm's execution record reflects continued investor confidence, having completed eight new issue CLOs in 2025 and executed 25 resets or refinancings across its CLO platform during that period.
The successful pricing of Apidos LVI and the concurrent reset activity demonstrate CVC Credit's capability to execute complex credit transactions in challenging market conditions while maintaining disciplined capital deployment protocols across its transatlantic platform.
The Apidos LVI transaction achieved approximately 70% ramp at pricing and priced inside market tights, a notable achievement given the challenging market environment. The CLO structure includes a five-year reinvestment period and a two-year non-call period, with BNP Paribas serving as the lead arranger. CVC Credit simultaneously completed the reset of Apidos XXXI, originally priced in the second quarter of 2019, representing the firm's fourth reset or refinancing transaction of 2026.
According to Kevin O'Meara, Managing Partner and Co-Head of CVC Global Liquid Credit and Head of US Liquid Credit, "Completing our first new issue US CLO and reset of the year in a volatile market environment reflects the consistency of our platform and the strength of CVC's global network." The commentary underscores CVC's strategic focus on active CLO portfolio management to optimize capital structures for both value creation and preservation.
CVC Credit's Liquid Credit business operates a substantial platform managing €31 billion in assets across more than 70 active funds, supported by a team of approximately 40 investment professionals in Europe and the United States. The firm's execution record reflects continued investor confidence, having completed eight new issue CLOs in 2025 and executed 25 resets or refinancings across its CLO platform during that period.
The successful pricing of Apidos LVI and the concurrent reset activity demonstrate CVC Credit's capability to execute complex credit transactions in challenging market conditions while maintaining disciplined capital deployment protocols across its transatlantic platform.
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