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GoldenTree prices $720.25 million with AAAs at Libor plus 133 bps; Apollo refinances CLO
By Cristal Cody
Tupelo, Miss., June 3 – GoldenTree Asset Management LP achieved a tight AAA print of Libor plus 133 basis points in a new CLO offering, while Apollo Credit Management (CLO) LLC refinanced a vintage 2012 deal, according to market sources on Wednesday.
GoldenTree Asset Management priced $720.25 million of notes in 10 tranches in the deal.
Apollo Credit Management refinanced $475 million of notes in its transaction.
In other market activity, Fitch Ratings said in a news release on Wednesday that the prolonged slump in oil prices is affecting the CLO sector.
“The latest batch of new CLOs that have come to market are already taking this concern into account, with structures that do not allow for outsized exposure to any given industry,” Fitch said.
GoldenTree Asset Management priced $720.25 million of notes due July 20, 2028 in the GoldenTree Loan Opportunities X Ltd./GoldenTree Loan Opportunities X, LLC deal, according to a market source.
At the top of the capital structure, GoldenTree Loan Opportunities X sold $4.5 million of class X floating-rate notes at Libor plus 100 bps, $225 million of class A-1 floating-rate notes at Libor plus 133 bps and $195 million of class A-2 floating-rate notes at Libor plus 142 bps.
Morgan Stanley & Co. LLC was the placement agent.
GoldenTree Asset Management will manage the CLO.
The CLO has a three-year non-call period and a five-year reinvestment period.
The transaction is backed mainly by first-lien senior secured loans.
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