By Cristal Cody
Tupelo, Miss., Nov. 24 – Apollo Global Management, LLC brought to market a €458.75 million European collateralized debt obligation deal, according to an informed source.
ALME Loan Funding IV Ltd. priced €272.25 million of class A floating-rate notes at Euribor plus 150 basis points at 99.74; €40.5 million of class B-1 floating-rate notes at Euribor plus 230 bps at par; €10 million of 2.69% class B-2 fixed-rate notes at par; €23.75 million of class C floating-rate notes at Euribor plus 310 bps at par; €23.75 million of class D floating-rate notes at Euribor plus 365 bps at 96.54; €29.5 million of class E floating-rate notes at Euribor plus 575 bps at 96.01; €14.5 million of class F floating-rate notes at Euribor plus 695 bps at 91.37 and €44.5 million of subordinated notes.
Deutsche Bank AG, London Branch arranged the deal.
Apollo Global Management will manage the CLO.
The New York City-based alternative asset management firm previously priced a euro-denominated CLO offering on Oct. 28, 2014.
| Issuer: | ALME Loan Funding IV Ltd.
|
| Amount: | €458.75 million
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Deutsche Bank AG, London Branch
|
| Manager: | Apollo Management International LLP
|
| Pricing date: | Nov. 13
|
|
|
| Class A notes
|
| Amount: | €272.25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 150 bps
|
| Price: | 99.74
|
| Ratings: | Moody’s: Aaa expected
|
| Fitch: AAA expected
|
|
|
| Class B-1 notes
|
| Amount: | €40.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 230 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aa2 expected
|
| Fitch: AA expected
|
|
|
| Class B-2 notes
|
| Amount: | €10 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 2.69%
|
| Price: | Par
|
| Ratings: | Moody’s: Aa2 expected
|
| Fitch: AA expected
|
|
|
| Class C notes
|
| Amount: | €23.75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 310 bps
|
| Price: | Par
|
| Ratings: | Moody’s: A2 expected
|
| Fitch: A expected
|
|
|
| Class D notes
|
| Amount: | €23.75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 365 bps
|
| Price: | 96.54
|
| Ratings: | Moody’s: Baa2 expected
|
| Fitch: BBB Expected
|
|
|
| Class E notes
|
| Amount: | €29.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 575 bps
|
| Price: | 96.01
|
| Ratings: | Moody’s: Ba2 expected
|
| Fitch: BB expected
|
|
|
| Class F notes
|
| Amount: | €14.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 695 bps
|
| Price: | 91.37
|
| Ratings: | Moody’s: B2 expected
|
| Fitch: B expected
|
|
|
| Equity
|
| Amount: | €44.5 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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