By Cristal Cody
Tupelo, Miss., July 31 – Apollo Credit Management (CLO) LLC sold $563 million of notes due Oct. 17, 2026 in a collateralized loan obligation deal on Thursday, according to an informed source.
ALM XI, Ltd./ALM XI, LLC priced $348.75 million of class A-1 floating-rate notes (//AAA) at Libor plus 143 basis points.
The CLO sold $54.25 million of class A-2a floating-rate notes at Libor plus 200 bps; $10 million of 4.4% class A-2b fixed-rate notes; $25.25 million of class B floating-rate notes at Libor plus 290 bps; $34.75 million of class C floating-rate notes at Libor plus 350 bps; $35.75 million of class D floating-rate notes at Libor plus 480 bps and $54.25 million of subordinated notes.
Credit Suisse Securities (USA) LLC was the placement agent.
Apollo Credit Management will manage the CLO, which is backed mainly by broadly syndicated first-lien senior secured corporate loans.
The CLO has a two-year non-call period and a four-year reinvestment period.
Proceeds from the offering will be used to purchase assets to reach a target portfolio of about $550 million of primarily senior secured leveraged loans.
Apollo Credit Management previously priced the $1.54 billion ALM XIV, Ltd. CLO offering on June 6.
The New York City-based subsidiary of Apollo Global Management, LLC brought four CLO deals in 2013.
| Issuer: | ALM XI, Ltd./ALM XI, LLC
|
| Amount: | $563 million
|
| Maturity: | Oct. 17, 2026
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Credit Suisse Securities (USA) LLC
|
| Manager: | Apollo Credit Management (CLO) LLC
|
| Call feature: | 2016
|
| Pricing date: | July 31
|
| Settlement date: | Sept. 10
|
| Distribution: | Rule 144A
|
|
|
| Class A-1 notes
|
| Amount: | $348.75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 143 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class A-2a notes
|
| Amount: | $54.25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Rating: | Non-rated
|
|
|
| Class A-2b notes
|
| Amount: | $10 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 4.4%
|
| Rating: | Non-rated
|
|
|
| Class B notes
|
| Amount: | $25.25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 290 bps
|
| Rating: | Non-rated
|
|
|
| Class C notes
|
| Amount: | $34.75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 350 bps
|
| Rating: | Non-rated
|
|
|
| Class D notes
|
| Amount: | $35.75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 480 bps
|
| Rating: | Non-rated
|
|
|
| Equity tranche
|
| Amount: | $54.25 million
|
| Securities: | Subordinated notes
|
| Rating: | Non-rated
|
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