KBRA Assigns a Rating to BNP Paribas' Participation in a Secured Revolving Credit Facility to CVC Capital Partners Asia VI
22 Apr 2024 | London
KBRA UK (KBRA) assigns an A+ rating and Stable outlook to BNP Paribas' participation in a capital call facility in the form of an uncommitted, secured revolving credit facility (the “Facility”) to the partnerships comprising CVC Capital Partners Asia VI (the “Fund” or “Asia VI”) provided by a consortium of Lenders including BNP Paribas (“BNPP” or “the Group”). The rating assigned was requested by BNPP as a participating lender in the transaction. Neither CVC Capital Partners Asia VI Limited nor CVC Capital Partners Asia VI GP S.à r.l. (the “GPs”) nor any of their respective associates have requested this report or the rating, and this report has not been prepared for or approved by any of them. As of March 2024, BNP Paribas had committed $125 million to the $1,885 million Facility.
The lenders have a first priority security interest in the uncalled capital commitments of the Fund, including the security over the right of the GPs to make capital calls under the Fund’s governing documents during an uncured Event of Default. Proceeds from the Facility are used to finance investments, the costs, fees and expenses incurred in connection with investments, as well as to finance any other expenses permitted within the Fund’s governing documents.
Established in 1981, CVC (the "Firm") is a global alternative investment manager in private equity, secondaries and credit. The Firm has approximately €186 billion of assets under management and operates from 29 offices across Europe, the Americas, and Asia-Pacific regions (as of 31 December 2023, and adjusted to reflect the agreed acquisition of DIF Capital Partners announced by CVC in September 2023, the closing of which is subject to regulatory approvals). Following the recent close of Asia VI, CVC Asia manages approximately €14 billion of assets. The Fund closed in February 2024 having secured approximately $6.8 billion in total commitments, provided by over 150 investors. The Fund targets control-oriented private equity investments in the Asia Pacific region.
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