- Total Providus CLO issuance for 2023 will be €775m
- Providus CLO management platform AUM set to reach €3.45bn
London, 26 October 2023 - Permira Credit, one of Europe’s leading specialist credit investors, today announces the pricing of PROVIDUS CLO IX (“Providus IX”), a €377 million European collateralized loan obligation transaction (“CLO”).
This marks the ninth CLO from the Providus CLO management platform and, upon closing of the transaction, will take Permira Credit’s total CLO issuance for 2023 to €775 million, after the announcement of the €398 million Providus VIII CLO priced in March this year. Total AUM for the Providus CLO management platform will reach €3.45bn upon closing.
Ariadna Stefanescu, Head of Liquid Credit at Permira Credit, said: “We are delighted to have priced our second CLO of the year, reflecting strong investor demand and a recognition of our track record of being able to price transactions through the credit cycle. We appreciate the continued support from all our investors and are excited to continue growing our liquid credit platform, particularly over the next twelve months.”
The Providus CLO management platform remains committed to its four-pillar investment strategy focused on a credit-led approach; active management of the portfolio; focus on resilient sectors, such as technology and healthcare; and responsible investing.
Providus IX will, as with all other CLOs within Permira Credit’s CLO management platform, contain specific ESG eligibility criteria in the documentation, which include restrictions on the nature of industries in which the CLO can invest, building upon Permira’s leading reputation as the first European CLO manager to include ESG negative screening language with Providus CLO I in 2018.
The pricing is subject to customary closing conditions. The collateral manager of Providus IX is Permira European CLO Manager LLP.