Apollo to refinance $474.75 million of 2015 Apollo Credit Funding IV CLO notes

By Cristal Cody

Tupelo, Miss., June 6 – Apollo ST Fund Management LLC plans to reprice $474.75 million of notes in a reset of the Apollo Credit Funding IV Ltd./Apollo Credit Funding IV LLC offering, according to a market source.

The deal includes $284 million of class A-1A-R senior secured floating-rate notes (AAA/AAA); $20 million of class A-1B-R senior secured floating-rate notes (//AAA); $38 million of class A-2-R senior secured floating-rate notes (AA); $42.5 million of class B-R senior secured floating-rate notes (A); $28 million of class C-R senior secured deferrable floating-rate notes (BBB-); $18.5 million of class D-R secured deferrable floating-rate notes (BB-) and $43.75 million of subordinated notes.

BofA Merrill Lynch is the arranger.

Apollo ST Fund Management will manage the CLO.

The maturity on the notes will be extended to July 15, 2030 from the original April 15, 2027 maturity.

The reset CLO will have a two-year non-call period and a five-year reinvestment period.

The $476,975,000 CLO was originally issued April 30, 2015. The CLO had priced $298.5 million of class A-1 senior secured floating-rate notes at Libor plus 147 basis points; $44 million of class A-2 senior secured floating-rate notes at Libor plus 175 bps; $26 million of class B senior secured deferrable floating-rate notes at Libor plus 265 bps; $31,725,000 of class C senior secured deferrable floating-rate notes at Libor plus 350 bps; $29.25 million of class D secured deferrable floating-rate notes at Libor plus 500 bps and $47.5 million of preferred shares.

Proceeds from the deal will be used to redeem the original notes on June 14.

Apollo ST Fund Management is a New York-based investment firm.

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