Rockford Tower prices $506.64 million; AIG brings $504.65 million CLO; Apollo refinances

By Cristal Cody

Tupelo, Miss., March 5 – Details emerged Tuesday on two new CLO offerings and a vintage CLO refinancing.

Rockford Tower Capital Management, LLC priced $506.64 million of notes in its first broadly syndicated CLO offering of the year.

AIG Asset Management (US) LLC also priced $504.65 million of notes in a new broadly syndicated CLO deal.

In refinancing action, Apollo Credit Management (CLO) LLC sold $439 million of notes in a reset of a vintage 2016 CLO deal.

CLO managers have priced more than $17 billion of broadly syndicated CLOs and refinanced about $2 billion of vintage notes year to date, market sources report.

Rockford Tower CLO prints

Rockford Tower Capital Management priced $506.64 million of notes due April 20, 2032 in the Rockford Tower CLO 2019-1, Ltd./Rockford Tower CLO 2019-1, LLC transaction, according to a market source.

Rockford Tower CLO 2019-1 sold $300 million of class A-1 floating-rate notes at Libor plus 145 basis points and $25 million of class A-2 floating-rate notes at Libor plus 175 bps at the top of the capital stack.

Morgan Stanley & Co. LLC arranged the offering.

The notes are collateralized mainly by broadly syndicated first-lien senior secured loans.

Rockford Tower Capital Management is a Delaware limited liability company.

AIG prices CLO 2019-1

AIG Asset Management priced $504.65 million of notes due April 15, 2032 in its offering, according to a market source.

AIG CLO 2019-1, Ltd./AIG CLO 2019-1, LLC sold $305 million of class A floating-rate notes at Libor plus 142 bps in the AAA-rated tranche.

Wells Fargo Securities LLC arranged the offering.

The notes are collateralized mainly by broadly syndicated first-lien senior secured loans.

AIG is a New York-based asset management firm.

Apollo resets 2016 CLO

Apollo Credit Management (CLO) priced $439 million of notes in a refinancing of the ALM XIX Ltd./ALM XIX LLC deal, according to a market source and a notice of revised proposed first supplemental indenture.

In the senior secured tranches, ALM XIX sold $1 million of class X-R floating-rate notes at Libor plus 65 bps, $298.5 million of class A-1a-R floating-rate notes at Libor plus 135 bps, $25 million of class A-1b-R floating-rate notes at Libor plus 155 bps and $21.5 million of class A-2-R floating-rate notes at Libor plus 175 bps.

Morgan Stanley was the refinancing agent.

The maturity on the notes was extended to April 15, 2029 from the original July 15, 2028 maturity.

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.

The subsidiary of Apollo Global Management, LLC is based in New York City.

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