Permira Debt Managers announces pricing of €412 million reset of Providus IV

13 April 2021

Permira Debt Managers (“PDM”) announced today the successful pricing of a €412.3m reset of PROVIDUS CLO IV (“Providus IV”).

Providus IV was one of the first post-COVID deals to clear the market when it originally priced in April 2020 at €207.6m and the current reset includes the upsize of the initial transaction by more than €200m.

In line with Permira Debt Managers’ previous CLOs, Providus IV contains specific ESG eligibility criteria in the documentation, which includes restrictions on the nature of industries in which the CLO can invest.

The deal is expected to settle on May 20th 2021 and has a legal final maturity of April 20th 2034.

Ariadna Stefanescu, Partner and Portfolio Manager at PDM, said:
“We are very pleased with the successful pricing of the reset, which makes Providus IV our largest CLO to date. We look forward to continuing to deliver for our investors.”

The pricing is subject to customary closing conditions. Upon closing of the reset, the collateral manager of Providus IV will be Permira European CLO Manager LLP.

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