CEC believe that even as government support is removed, we do not expect default rates to rise significantly because economic growth looks encouraging. Finally, I would refer you to the Company's annual financial report 2021, which is available on the Company's website,www.ccpeol.com. diversified/conglomerate manufacturing have seen the most significant increases. 0.03 (42.86%), PitchBook can help you gauge a funds performance based on IRR, cash flow multiples (DPI, RVPI and TVPI), distributions and more. **At the CCPEOL level, a performance fee is charged and leverage is applied at the investment vehicle level. Founded in 2005, CVC Credit Partners European Opportunities is based in Saint Helier, United Kingdom, and operates as a subsidiary of CVC Credit Partners. Ernst & Young LLP have indicated that they are willing to continue as the Company's auditor for another year. The new fee structure allows for further step-down reductions if assets under management (AUM) increase beyond certain levels. CVC Income & Growth Declares Dividend Payable on August 26, 2022, Cvc Credit Partners European Opportunities Limited Announces Dividend Declaration for the Financial Year Ending December 31, 2022, Payable on June 17, 2022, CVC CREDIT PARTNERS EUROPEAN OPPORTUNITIES LIMITED : Annual General Meeting, CVC CREDIT PARTNERS EUROPEAN OPPORTUNITIES LIMITED : FY 2021 Earnings Release, CVC Credit Partners European Opportunities Limited Declares Dividend, Payable on 25 February 2022, CVC Credit Partners European Opportunities Limited Announces Appointment of Vanessa Neill as A Non-Executive Director, CVC CREDIT PARTNERS EUROPEAN OPPORTUNITIES LIMITED : Extraordinary Shareholders Meeting, CVC Credit Partners European Opportunities Limited Declares Dividend, Payable on 3 December 2021. Some content might be hidden. The YTM of the portfolio is 4.5%, with a cash yield of 4.5%. Copyright 2023 Surperformance. CVC EUROPEAN CREDIT OPPORTUNITIES OVERVIEW Key Terms Company Limited liability company incorporated in Jersey Listing London Stock Exchange Main Market - Premium Listing on the Official List on 26 June 2013 Shares in Issue 131m EUR shares and 324m GBP shares1 Market Capitalisation 127.0m (Euro Class) / 343.6m (Sterling Class) 1 . 4. PART IV: NOTICE OF EXTRAORDINARY GENERAL MEETING, Latest time and date for receipt of forms of proxy for the EGM. ESG ratings, impact investing and sustainability data for CVC Credit Partners European Opportunities Ltd, Diversified Financial Services and Channel Islands. without taking into account the particular financial situation or goals of any person). This Circular should be read as a whole. THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. You should, before acting on this advice, consider the appropriateness of the advice, having regard to your objectives, financial situation and needs. 2023 Edison Group All rights reserved, Edison Group, 20 Red Lion Street, London, WC1R 4PS Note: Data to 9 February 2022. In contrast, it will put pressure on profit margins and cash flows, which could increase default risk. Except to the extent inconsistent with this Circular, defined terms used in this Circular have the meanings ascribed to them in the section headed "Definitions" in Part V of this Circular. London CVC Advisers Limited 111 Strand London WC2R 0AG United Kingdom Telephone: +44 207 420 4200 Fax: +44 207 420 4231 Get directions CVC Credit Partners Investment Management Limited 105 Strand London WC2R 0AA United Kingdom Telephone: +44 207 520 4950 Fax: +44 207 520 4996 Get directions The fund is managed by CVC Credit Partners Investment Management Ltd. Investors should consider the Companys investment objectives, risks, charges and expenses carefully before investing. By clicking on the "Accept" button, I confirm, represent, warrant and agree that: I am not a US Person or located in the United States, Australia, Canada, South Africa or Japan or any other jurisdiction where to proceed to view the materials on this webpage would constitute a breach of securities law in that jurisdiction, and I confirm that I am permitted to view electronic versions of these materials; I will not forward, transmit or show the materials contained in this webpage to any US Person or person located in, or a resident of, the United States, Australia, Canada, South Africa or Japan or any other jurisdiction where it would be unlawful to do so; and I have read and understood the disclaimer set out above and will read carefully any additional disclaimers or important notices attaching to or forming part of the materials or information on this website. Fees are paid upfront in cash without recourse. Based on that evaluation and taking into account each Director's background, it is considered that each Director continues to be effective and their contribution supports the long-term sustainable success of the Company. Based on c. 15% of combined High Yield and Loan market trade at stressed levels. Investment company performance to 28 February 2022, : CCPE NAV total return performance relative to S&P European Leveraged Loan Index. This should provide the manager with some dry powder to increase the credit opportunities sleeve if there is more market volatility. You are asked to approve their re-appointment (Resolution 7) and, following normal practice, to authorise the Board to determine their remuneration (Resolution 8). but how much is transient is still unknown. The name of the company isCVC Credit Partners European Opportunities Limited(the "Company"). Exhibit 1: Citi Global Inflation Surprise Index, Exhibit 2: UK Q422 consensus inflation forecast. It is an alternative to trading Shares in the market. AAPL, FB, TWTR), Total number of organizations similar to the given organization, Descriptive keyword for an Organization (e.g. The explanatory notes for the business to be transacted at the AGM are set out below. A cycle of rising policy rates can often lead to choppy markets, especially if investors believe central banks are behind the curve. Defensive assets (first-lien loans, senior secured bonds and cash) make up 78% of the portfolio. The transient element is driven by supply chain constraints as economies rebound from various lockdowns, and as consumers spend the money they saved during the pandemic. This is in line with its investment strategy of focusing on senior secured assets. Copyright: Copyright 2022 Edison Investment Research Limited (Edison). In light of the recent developments in Ukraine, we have temporarily suspended our forecasts and fair value estimate for ProCredit Holding (PCB) until further notice. The investment manager is sometimes involved in restructuring activities to unlock the revaluation potential of credit opportunities investments. The Company'sinvestment policy is to invest . It therefore expects the supply of new investment opportunities to remain strong, while making the point that the relatively buoyant market has led to a greater amount of selectivity being required. US Federal Reserve and Bank of England hikes are assumed at 25bp each, European Central Bank at 10bp. Before the exceptional market turbulence in March 2020, every quarter investors could tender up to 24.99% of shares for repurchase at a price close to NAV. It invests through a Luxembourg vehicle, CVC European Credit Opportunities (CEC), aiming to provide investors with regular income and capital appreciation from a diversified portfolio of predominantly Western European sub-investment grade debt instruments. We note that as CCPEOLs portfolio consists of both loans and bonds (sourced from Europe and the US), none of the indices presented in Exhibit 15 is a perfect comparator. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations. CVC Income & Growth operates an actively managed credit strategy, generating high cash income and capital gains combined with significant downside protection given its predominant exposure in senior secured loans and bonds in large global corporates. CLO and Leveraged Loan Monthly Update (2 March 2023). RECOMMENDED PROPOSALS TO AMEND THE TERMS AND CONDITIONS CONTAINED IN THE ANNUAL CIRCULAR IN RELATION TO CONTRACTUAL QUARTERLY TENDERS. CCPEOL has continued to outperform the indices, as shown in Exhibits 15 and 16 over most periods shown. It is not intended that this document be distributed or passed on, directly or indirectly, to any other class of persons and in any event and under no circumstances should persons of any other description rely on or act upon the contents of this document. CVC Credit Partners European Opportunities, CVC Credit Partners European Opportunities Limited. | Established in 2005, CVC Credit is the . It invests solely in a Luxembourg-based investment vehicle, CEC, via preferred equity certificates (PECs). Looking ahead, the base scenario remains supportive for European leveraged loans, although the war in Ukraine is likely to have some adverse effect due to the associated sanctions and even higher energy prices. This Circular should be read as a whole. Default levels were low in 2021 and should remain so in 2022. No results found. The consensus forecasts are that inflation will peak in the first half of 2022. Distributed by Public, unedited and unaltered, on 16 December 2019 20:05:08 UTC It invests through a Luxembourg vehicle, CVC European Credit Opportunities (CEC), aiming to provide investors with regular income and capital appreciation from a diversified portfolio of predominantly Western European sub-investment grade debt instruments. (5) Source: Barclays. Please note that the vote is advisory only, and the Directors' entitlement to remuneration is not conditional on Resolution 2 being passed. The opportunities portfolio was 56% by June 2021 and reduced to 49% at the end of 2021. Exhibit 2 shows the Q422 inflation forecast for the UK, which has increased from less than 2% in October 2021 to almost 4.5% in February 2022. These are also expected to come down as bottlenecks are resolved. Also, the information provided by us should not be construed by any subscriber or prospective subscriber as Edisons solicitation to effect, or attempt to effect, any transaction in a security. CVC Credit Partners European Opportunities (CCPEOL) is a closed-end investment company, domiciled in Jersey and listed in London. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research. The performing portfolio has been trading close to par since January 2021. In order to align the terms and conditions of the Contractual Quarterly Tender facility with what the Board considers to be the best interests of the Shareholders as a whole, the Board is convening the EGM to consider and, if thought fit, to pass the Resolution to amend the terms and conditions of the Contractual Quarterly Tender facility by replacing the existing terms and conditions with the terms and conditions set. The Annual Circular is substantially revised with, among other things, a proposed move from a quarterly tender facility to a semi-annual tender facility. Historical and current end-of-day data provided by FACTSET. Shareholders are requested to return a Proxy Appointment, enclosed with this Circular, by one of the following methods: (i) in hard copy form by post, by courier or by hand to Computershare Investor Services (Jersey) Limited c/o The Pavilions, Bridgwater Road, Bristol, BS99 6ZY; or (ii) in the case of CREST members, by utilising the CREST electronic proxy appointment service (details of which are contained in this Circular), in either case so as to be received by Computershare Investor Services (Jersey) Limited (". ") Exhibit 17: Selected peer group at 28 February 2022*. Copyright 2023 MarketWatch, Inc. All rights reserved. (2) Source: Credit Suisse Credit Strategy (9 March, 2023), (3) Source: Credit Suisse Credit Strategy (9 March, 2023). The company actively manages its capital structure to reflect investor demand by running a quarterly tender facility, a monthly currency conversion facility, and purchasing and selling treasury shares. CVC Credit Partners European Opportunities : EGM Notice, CVC Income & Growth Limited Approves Dividend Declaration for the Financial Year Ending December 31, 2023, Payable on June 2, 2023, CVC INCOME & GROWTH LIMITED : Annual General Meeting, Plaza Centers loss narrows; 450 eyes investments, CVC INCOME & GROWTH LIMITED : Q4 2022 Earnings Release, Caspian Sunrise signs charter contract, eyes further, CVC Income & Growth Limited Announces Annual Dividend Targets, CVC Income & Growth sees CVC Credit waive fee right, TRADING UPDATES: Aterian gains membership; Iconic converts notes, CVC Income & Growth Limited Announces Dividend Declaration, Payable 9 February 2023, CVC INCOME & GROWTH LIMITED : Business Update Call, CVC Income & Growth Limited Declares Dividend Payable on 25 November 2022, CVC Income & Growth Limited Appoints Esther Gilbert as New Non-Executive Director, CVC Income & Growth Limited Announces Dividend Increase, CVC INCOME & GROWTH LIMITED : Interim 2022 Earnings Release, CVC INCOME & GROWTH LIMITED : Extraordinary Shareholders Meeting. Vanessa is a consultant specialising in sustainability. Healthcare (a defensive industry) and. This includes significant EU aid packages expected to be disbursed this year for the weaker EU economies such as Spain, Portugal and Greece. The notice convening the EGM (the "Notice") is set out in Part IV of this Circular. However, we note that even these two peers have differences for example, Axiom focuses just on debt from financial institutions, which is usually more subordinated than CCPEOLs investments and, unsurprisingly, Axioms fund has had greater volatility in its performance. We note that recovery rates for defaulted leveraged loans tend to be about 75%, so a 2.5% default rate can be expected to lead a to a loss rate of around 0.62% across an average portfolio. This difference has contributed to the outperformance of leveraged loans versus high yield bonds in recent quarters. (from 304bp to 362bp) but followed a similar trend. CCPG shares are hedged back to euros to eliminate exchange rate volatility. CEC noted in recent monthly comments the strong performance of leveraged loans as an asset class and how resilient asset quality has been throughout 2021. The Company is regulated by the Jersey Financial Services Commission. This Communication is being supplied to you solely for your information and may not be reproduced by, further distributed to or published in whole or in part by, any other person. This Circular is not a prospectus and is not an offer to sell or a solicitation of any offer to buy any securities in the United States or in any other jurisdiction. The Company is authorised to issue any number of no par value shares of any class. The Company invests the net proceeds of its share issues in CVC European Credit Opportunities S.a r.l, (the Investment Vehicle), which is CVC Credit Partners' existing European credit opportunities investment vehicle. Please run a search to see results. This is an excerpt of the original content. CCPEOLs ongoing charge is around average for the sector and, like its peers, the portfolio is not geared. CVC's private equity platform currently manages 90 billion of assets and has completed over 330 equity investments across many different sectors and jurisdictions, providing the CVC Credit team with insights into local markets. Performing Credit focuses on achieving significant down-market protection through active risk management. Over the last 12 months, the more significant reductions have been the hotels, retail stores, and beverage and construction segments. European Direct Lending The Direct Lending strategy focuses on lending to established European medium and large companies, with a focus on the senior secured piece of the capital structure. Access to electronic versions of these materials is being made available on the webpage in good faith and for information purposes only. Resolution 9 seeks Shareholder approval to declare a final dividend of 0.0125/0.0125 per Share. No mention of a particular security in this report constitutes a recommendation to buy, sell or hold that or any security, or that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person. Based on c. 15% of combined High Yield and Loan market trade at stressed levels. Distributed by Public, unedited and unaltered, on 22 April 2022 10:47:31 UTC. These written materials are not for release, publication or distribution, directly or indirectly, in or into the United States, Australia, Canada, South Africa or Japan or to "U.S. persons" as defined in Regulation S under the US Securities Act ("US Persons"). We never take payment in stock, options or warrants for any of our services. We note that recovery rates for defaulted leveraged loans tend to be about 75%. The ICE BofA Euro High Yield Index rose from 285bp in mid-September 2021 to 425bp in end of February 2022. I understand that this may affect my rights, and I agree to be bound by their terms. Source: CVC Credit Partners European Opportunities, Edison Investment Research. Further details of the proposed amendments are included below and the amended terms and conditions are included in full in Section C of Appendix 1 to this Circular, being the Annual Circular dated 19 Match 2021, blacklined to show such amendments. This weight has been relatively stable at 7881% since April 2021. It is below the 94.8 reached in September 2021, as yields have compressed in the market. Notice of the AGM to be held at 10.00 a.m. on 18 May 2022 at 7 Bond Street, St. Helier, Jersey JE2 3NP (which forms part of this Circular) is attached at pages 17 to 21 of this Circular. CVC Credit Partners European Opportunities Limited is a closed-ended fixed income mutual fund of fund launched by Goldman Sachs International. Source: Refinitiv Note: Based on overnight index swaps, Fed and BoE hikes are assumed to be 25bp, ECB are 10bp. They managed credit strategies across different markets. The investment vehicle focuses mostly on senior assets in the capital structure of the issuer: first-lien loans and senior secured bonds (87% of NAV at end-November 2020). Any revisions to the times and dates referred to above and elsewhere in this Circular will be notified to Shareholders by public announcement. Your attention is drawn in particular to the letter from your Chairman which is set out on pages 2 to 10 of this Circular and which recommends that you vote in favour of the resolutions to be proposed at the annual general meeting of the Company (". ") For the corresponding US index, the rise was less dramatic. CCPEOL is a self-managed fund that delegates investment management to CVC Credit Partners, which also manages the investment vehicle. Therefore, before investing you should carefully consider the risks that you assume when you invest in the Companys shares. The Company has not been and will not be registered under the US Investment Company Act of 1940, as amended (the "Investment Company Act") and, as such, holders of the Companys securities will not be entitled to the benefits of the Investment Company Act. CEC believes that policymakers clearly intend to run their economies hot for a time there is little sign of significant fiscal tightening and central banks remain committed to providing support.. NAV total return was 12.2%, outperforming the high-yield debt indices. As expected, government and central banks have been pragmatic in their support for the economy. Fund raised gross proceeds of EUR 111.27 million via shares at issue price of EUR 1 to raise EUR 30.95 million and 66.35 million sterling denominated shares at an issue price of GBP 1.00 to raise GBP 66.35 million. The portfolio is skewed towards floating rate assets and issuers domiciled (or with the majority of operations) in Western Europe. The management fee drops by 5bp at each point with a floor at 0.75% pa. CCPEOL is a Jersey-domiciled, closed-end investment company with an unlimited life. Exhibit 19: CCPG share price premium/discount to NAV (cum-income) over five years (%), Source: Refinitiv, Edison Investment Research, Source: Morningstar, Edison Investment Research. CCPEOL was launched in June 2013 and is a Jersey-domiciled, London-listed, closed-end investment company with a focus on opportunities in leveraged credit. Unfortunately, amid all this good news, inflation concerns are coming to the fore. The portfolios YTM was 8.9% and the cash yield was 7.8% at end-January 2022. to remove the prohibition on a majority of the Directors being tax resident in the United Kingdom and to change the currency conversion mechanism from a monthly mechanism to a semi-annual mechanism (Resolution 11); CVC Income & Growth Limited Approves Dividend Declaration for the Financial Year Ending December 31, 2023, Payable on June 2, 2023, CVC INCOME & GROWTH LIMITED : Annual General Meeting, Plaza Centers loss narrows; 450 eyes investments, CVC INCOME & GROWTH LIMITED : Q4 2022 Earnings Release, Caspian Sunrise signs charter contract, eyes further, CVC Income & Growth Limited Announces Annual Dividend Targets, CVC Income & Growth sees CVC Credit waive fee right, TRADING UPDATES: Aterian gains membership; Iconic converts notes, CVC Income & Growth Limited Announces Dividend Declaration, Payable 9 February 2023, CVC INCOME & GROWTH LIMITED : Business Update Call, CVC Income & Growth Limited Declares Dividend Payable on 25 November 2022, CVC Income & Growth Limited Appoints Esther Gilbert as New Non-Executive Director, CVC Income & Growth Limited Announces Dividend Increase, CVC INCOME & GROWTH LIMITED : Interim 2022 Earnings Release, CVC INCOME & GROWTH LIMITED : Extraordinary Shareholders Meeting. out in the Amended Annual Circular which forms Appendix 1 to this Circular with effect from, and including, the March 2022 Tender (the "Proposals"). Managers view: Cautious, but opportunities increasing. It notes that as price levels have rebounded, riskier loans have performed better than expected. If our advice relates to the acquisition, or possible acquisition, of a particular financial product you should read any relevant Product Disclosure Statement or like instrument. Your attention is also drawn to the section entitled "Action to be Taken" on page 10 of this Circular. Market outlook: Supportive, but inflation is risk factor. CCPE | A complete CVC Credit Partners European Opportunities Ltd. EUR mutual fund overview by MarketWatch. With regard to the proposed re-election of Mr Bolat and Mr Tucker, notwithstanding the length of their tenure, the Board believes that Mr Bolat and Mr Tucker continue to demonstrate constructive challenge in their dealings with other Board members and the Investment Vehicle Manager, and that Mr Bolat and Mr Tucker remain independent in character and judgement within their roles The Nomination and Remuneration Committee considers that Directors' tenure beyond nine years is appropriate in this instance on the basis the Board is in a period of transition with regards to its succession planning, so as not to lose acquired corporate knowledge and experience. CCPEOLs board would also be required to propose a continuation vote if the average discount to NAV exceeded 10% over any rolling 12-month period or if net assets fall below 75m. CVC Credit Partners European Opportunities : 2022 AGM Notice and Tender Circular, If you are in any doubt about the contents of this Circular or the action you should take, you should seek immediately your own personal financial advice from an appropriately qualified adviser authorised pursuant to the UK Financial Services and Markets Act 2000 (". ") Inflation is both an opportunity and a risk. The proposals described in this Circular are conditional on Shareholder approval at the AGM.

Deloitte Us Headquarters Address, Articles C