By Cristal Cody
Eureka Springs, Ark., Sept. 20 – Apollo Credit Management (CLO) LLC refinanced $728.92 million of notes from a vintage 2012 collateralized loan obligation transaction, according to a market source.
ALM VII, Ltd./ALM VII LLC sold $436 million of class A-1R senior secured floating-rate loans at Libor plus 148 basis points.
ALM VII priced $71 million of class A-2R senior secured floating-rate notes at Libor plus 185 bps.
The CLO refinanced $65 million of class B-R senior secured deferrable floating-rate notes at Libor plus 250 bps.
ALM VII sold $34.75 million of class C-R senior secured deferrable floating-rate notes at Libor plus 385 bps.
The CLO also priced $34.25 million of class D-R secured deferrable floating-rate notes at Libor plus 710 bps.
The deal included an $87.92 million equity tranche.
Citigroup Global Markets Inc. was the refinancing agent.
Apollo Credit Management (CLO) is the CLO manager.
The transaction priced with a different capital structure compared to the original deal, which included class X and class E tranches and had a reinvestment period set to end in October.
The original notes were due Oct. 19, 2024.
Apollo has priced two new CLOs and refinanced two vintage CLO transactions year to date.
The New York City-based subsidiary of Apollo Global Management, LLC priced four new CLOs and refinanced two vintage deals in 2015.
| Issuer: | ALM VII, Ltd./ALM VII LLC
|
| Amount: | $728.92 million refinancing
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Citigroup Global Markets Inc.
|
| Manager: | Apollo Credit Management (CLO) LLC
|
| Refinancing date: | Sept. 13
|
|
|
| Class A-1R notes
|
| Amount: | $436 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 148 bps
|
| Ratings: | Moody’s: Aaa expected
|
| S&P: AAA expected
|
|
|
| Class A-2R notes
|
| Amount: | $71 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 185 bps
|
| Ratings: | Moody’s: Aa2 expected
|
| S&P: AA expected
|
|
|
| Class B-R notes
|
| Amount: | $65 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 250 bps
|
| Rating: | S&P: A expected
|
|
|
| Class C-R notes
|
| Amount: | $34.75 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 385 bps
|
| Rating: | S&P: BBB expected
|
|
|
| Class D-R notes
|
| Amount: | $34.25 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 710 bps
|
| Rating: | S&P: BB expected
|
|
|
| Equity
|
| Amount: | $87.92 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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