Private equity firm CVC Group's asset management arm, CVC Credit Partners European Opportunitites has gained Eur351.2 million or US$460 million through floating a single credit fund at the London Stock Exchange today. The subsidiary announced a month earlier that it plans on raising Eur300 million at the minimum through the offering.
CVC Credit Partners European Opportunities invests mainly in sub-investment-grade debt markets.
The entire share will be denominated in both the euro and pound currencies. The said shares had a flat line opening.
CVC affiliates subscribed to an estimated 8 percent of the shares, and to 3.3 percent of the issues denominated in sterling.
CVC Credit Partners European Opportunities' Richard Boleat is chairman of the fund. He said that a pullback by investment banks and other traditional lenders from the loan market, when added with a company's cost to refinance, will create wide opportunities for trade loans among credit managers.
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