By Cristal Cody
Tupelo, Miss., March 5 – Apollo Credit Management (CLO) LLC priced $439 million of notes in a refinancing of a vintage 2016 collateralized loan obligation, according to a market source and a notice of revised proposed first supplemental indenture released on Tuesday.
ALM XIX Ltd./ALM XIX LLC sold $1 million of class X-R senior secured floating-rate notes at Libor plus 65 basis points, $298.5 million of class A-1a-R senior secured floating-rate notes at Libor plus 135 bps, $25 million of class A-1b-R senior secured floating-rate notes at Libor plus 155 bps and $21.5 million of class A-2-R senior secured floating-rate notes at Libor plus 175 bps.
The CLO sold $48.5 million of class B-R senior secured deferrable floating-rate notes at Libor plus 260 bps, $23.5 million of class C-R senior secured deferrable floating-rate notes at Libor plus 360 bps and $21 million of class D-R secured deferrable floating-rate notes at Libor plus 685 bps.
Morgan Stanley & Co. LLC was the refinancing agent.
The maturity on the notes was extended to April 15, 2029 from the original July 15, 2028 maturity.
The reset CLO has a one-year non-call period and a two-year reinvestment period.
In the original $473.35 million deal issued June 16, 2016, the CLO sold $308.75 million of class A floating-rate notes at Libor plus 155 bps; $49.4 million of class B floating-rate notes at Libor plus 220 bps; $24.7 million of class C floating-rate notes at Libor plus 300 bps; $30.4 million of class D floating-rate notes at Libor plus 435 bps; $23.75 million of class E floating-rate notes at Libor plus 735 bps and $36.35 million of preferred shares.
Proceeds will be used to redeem the original notes. The preferred shares will remain outstanding.
The subsidiary of Apollo Global Management, LLC is based in New York City.
| Issuer: | ALM XIX Ltd./ALM XIX LLC
|
| Amount: | $439 million refinancing
|
| Maturity: | April 15, 2029
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Morgan Stanley & Co. LLC
|
| Manager: | Apollo Credit Management (CLO) LLC
|
| Call feature: | One year
|
| Pricing date: | Feb. 21
|
| Settlement date: | March 7
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class X-R notes
|
| Amount: | $1 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 65 bps
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class A-1a-R notes
|
| Amount: | $298.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 135 bps
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class A-1b-R notes
|
| Amount: | $25 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 155 bps
|
| Ratings: | S&P: Non-rated
|
| Fitch: AAA
|
|
|
| Class A-2-R notes
|
| Amount: | $21.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-R notes
|
| Amount: | $48.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 260 bps
|
| Rating: | S&P: A
|
|
|
| Class C-R notes
|
| Amount: | $23.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 360 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class D-R notes
|
| Amount: | $21 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 685 bps
|
| Rating: | S&P: BB-
|
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