By Cristal Cody
Tupelo, Miss., Aug. 3 – Apollo Credit Management (CLO) LLC refinanced $437.5 million of replacement notes in a vintage 2012 collateralized debt obligation deal, according to a market source.
ALM V, Ltd./ALM V LLC priced $301.5 million of class A-1-R2 senior secured floating-rate notes at Libor plus 142 basis points and $44 million of class A-2-R senior secured floating-rate notes at Libor plus 215 bps.
The CLO refinanced $38 million of class B-R senior secured deferrable floating-rate notes at Libor plus 300 bps, $31 million of class C-R senior secured deferrable floating-rate notes at Libor plus 390 bps and $23 million of class D-R senior deferrable floating-rate notes at Libor plus 600 bps.
Mitsubishi UFJ Securities (USA) Inc. was the refinancing agent.
Apollo Credit Management is the CLO manager.
The new notes have a maturity of Oct. 18, 2027.
The non-call period ends Oct. 18, 2017. The reinvestment period ends Oct. 18, 2019.
The refinancing is the second refinancing date of all the secured notes issued on Feb. 23, 2012 and on Feb. 13, 2014.
The transaction is backed primarily by broadly syndicated senior secured corporate loans.
Proceeds will be used to refinance the original classes of notes on Aug. 13.
Apollo Credit Management previously was in the primary market with the $1,111,850,000 ALM XVI, Ltd./ALM XVI LLC deal on July 15. The firm has priced two new CLOs and refinanced two vintage CLOs this year to date.
The New York City-based subsidiary of Apollo Global Management, LLC brought two U.S. CLO deals in 2014.
| Issuer: | ALM V, Ltd./ALM V LLC
|
| Amount: | $437.5 million refinancing
|
| Maturity: | Oct. 18, 2027
|
| Securities: | Floating-rate notes
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| Structure: | Cash flow CLO
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| Placement agent: | Mitsubishi UFJ Securities (USA) Inc.
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| Manager: | Apollo Credit Management (CLO) LLC
|
| Call feature: | Oct. 18, 2017
|
| Pricing date: | July 29
|
| Settlement date: | Aug. 13
|
|
|
|
|
| Class A-1-R2 notes
|
| Amount: | $301.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 142 bps
|
| Ratings: | Moody’s: Aaa
|
| Standard & Poor’s: AAA
|
|
|
| Class A-2-R notes
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| Amount: | $44 million
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| Securities: | Senior secured floating-rate notes
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| Coupon: | Libor plus 215 bps
|
| Rating: | Moody’s: Aa1
|
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| Class B-R notes
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| Amount: | $38 million
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| Securities: | Senior secured deferrable floating-rate notes
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| Coupon: | Libor plus 300 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class C-R notes
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| Amount: | $31 million
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| Securities: | Senior secured deferrable floating-rate notes
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| Coupon: | Libor plus 390 bps
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| Rating: | Moody’s: Baa3
|
|
|
| Class D-R notes
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| Amount: | $23 million
|
| Securities: | Senior deferrable floating-rate notes
|
| Coupon: | Libor plus 600 bps
|
| Rating: | Moody’s: Ba3
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