By Cristal Cody
Tupelo, Miss., Dec. 5 – Apollo Management International LLP priced €341.3 million of notes in a second refinancing of a vintage 2014 euro-denominated collateralized loan obligation transaction, according to a market source.
ALME Loan Funding II DAC sold €234.8 million of class A-RR senior secured floating-rate notes (Aaa//AAA) at Euribor plus 75 basis points, €23.8 million of class B-1-RR senior secured floating-rate notes (Aa2//AA+) at Euribor plus 160 bps and €14.1 million of 1.9% class B-2-RR senior secured fixed-rate notes (Aa2//AA+).
The CLO also priced €24.4 million of class C-RR senior secured deferrable floating-rate notes (A2//A) at Euribor plus 230 bps, €23.6 million of class D-RR senior secured deferrable floating-rate notes (Baa3//BBB-) at Euribor plus 385 bps and €20.6 million of class E-RR senior secured deferrable floating-rate notes (Ba3//BB-) at Euribor plus 507 bps.
Goldman Sachs International was the refinancing agent.
The maturity was extended by one year to Jan. 15, 2031, and the CLO has a new one-year reinvestment period.
ALME Loan Funding II was first refinanced in a €337.4 million transaction on Dec. 20, 2016. The CLO had sold €1.5 million of class X-R senior secured floating-rate notes at Euribor plus 85 bps; €224 million of class A-R senior secured floating-rate notes at Euribor plus 100 bps; €50.7 million of class B-R senior secured floating-rate notes at Euribor plus 160 bps; €20.4 million of class C-R senior secured deferrable floating-rate notes at Euribor plus 235 bps; €19.2 million of class D-R senior secured deferrable floating-rate notes at Euribor plus 365 bps and €21.6 million of class E-R senior secured deferrable floating-rate notes at Euribor plus 623 bps.
The deal included an additional €8 million equity notes.
In that offering, the maturity was extended to Jan. 15, 2030 from the original Jan. 15, 2027 due date.
ALME Loan Funding II was originally issued as a €382.4 million transaction on July 9, 2014.
The initial CLO priced €223.5 million of class A floating-rate notes at Euribor plus 135 bps; €40.8 million of class B floating-rate notes at Euribor plus 195 bps; €20.6 million of class C floating-rate notes at Euribor plus 255 bps; €23.3 million of class D floating-rate notes at Euribor plus 340 bps; €25.9 million of class E floating-rate notes at Euribor plus 505 bps; €11.3 million of class F floating-rate notes at Euribor plus 580 bps and €37 million of subordinated notes.
Proceeds from the second refinancing will be used to redeem the outstanding tranches on Dec. 19. The €45 million of participating term certificates in the equity tranche will remain outstanding.
The CLO is predominantly backed by senior secured obligations.
Apollo Management is an investment firm based in London.
| Issuer: | ALME Loan Funding II DAC
|
| Amount: | €341.3 million refinancing
|
| Maturity: | Jan. 15, 2031
|
| Securities: | Fixed- and floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Goldman Sachs International
|
| Manager: | Apollo Management International LLP
|
| Settlement date: | Dec. 19
|
|
|
| Class A-RR notes
|
| Amount: | €234.8 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 75 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B-1-RR notes
|
| Amount: | €23.8 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 160 bps
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA+
|
|
|
| Class B-2-RR notes
|
| Amount: | €14.1 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 1.9%
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA+
|
|
|
| Class C-RR notes
|
| Amount: | €24.4 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 230 bps
|
| Ratings: | Moody’s: A2
|
| Fitch: A
|
|
|
| Class D-RR notes
|
| Amount: | €23.6 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 385 bps
|
| Ratings: | Moody’s: Baa3
|
| Fitch: BBB-
|
|
|
| Class E-RR notes
|
| Amount: | €20.6 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 507 bps
|
| Ratings: | Moody’s: Ba3
|
| Fitch: BB-
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
