By Cristal Cody
Tupelo, Miss., Oct. 19 – Apollo Credit Management (CLO) LLC refinanced $446.5 million of notes due Oct. 18, 2027 in the third refinancing of a vintage 2012 collateralized loan obligation transaction, according to a market source and a notice of executed second supplemental indenture on Wednesday.
ALM V Ltd./ALM V LLC sold $308.5 million of class A-1-R3 senior secured floating-rate notes at Libor plus 91 basis points; $50.5 million of class A-2-R3 senior secured floating-rate notes at Libor plus 125 bps; $25.8 million of class B-R-3 senior secured deferrable floating-rate notes at Libor plus 165 bps; $29.7 million of class C-R-3 senior secured deferrable floating-rate notes at Libor plus 270 bps; $23 million of class D-R3 secured deferrable floating-rate notes at Libor plus 525 bps; and $9 million of class E-R3 secured deferrable floating-rate notes at Libor plus 750 bps.
Goldman Sachs & Co. LLC was the refinancing agent.
Apollo Credit Management (CLO) will continue to manage the CLO.
The refinancing is the third refinancing of the notes originally issued on Feb. 23, 2012 and refinanced on Feb. 13, 2014 and on Aug. 13, 2015.
In the last $437.5 million refinancing of the ALM V vehicle in 2015, the CLO sold $301.5 million of class A-1-R2 senior secured floating-rate notes at Libor plus 142 bps; $44 million of class A-2-R senior secured floating-rate notes at Libor plus 215 bps; $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.
Proceeds were used to redeem the 2015 refinanced notes.
The transaction is collateralized primarily by broadly syndicated senior secured corporate loans.
Apollo has refinanced four CLOs year to date.
The New York City-based subsidiary of Apollo Global Management, LLC priced two new CLOs and refinanced two vintage CLO transactions in 2016.
| Issuer: | ALM V Ltd./ALM V LLC
|
| Amount: | $446.5 million refinancing
|
| Maturity: | Oct. 18, 2027
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Goldman Sachs & Co. LLC
|
| Manager: | Apollo Credit Management (CLO) LLC
|
| Settlement date: | Oct. 18
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class A-1-R3 notes
|
| Amount: | $308.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 91 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class A-2-R3 notes
|
| Amount: | $50.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 125 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class B-R-3 notes
|
| Amount: | $25.8 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class C-R-3 notes
|
| Amount: | $29.7 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 270 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class D-R3 notes
|
| Amount: | $23 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 525 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Class E-R3 notes
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| Amount: | $9 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 750 bps
|
| Rating: | Moody’s: B3
|
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