Anchorage Capital, Greywolf, Shenkman refinance CLOs; Apollo reprices $460.5 million

By Cristal Cody

Tupelo, Miss., July 18 – Details emerged on more than $2 billion of CLO refinancing transactions, including a repricing of a CLO previously refinanced in 2015.

Anchorage Capital Group, LLC priced $577.45 million of notes in eight tranches in a refinancing and reset of 2015 CLO.

Greywolf Capital Management LP refinanced four tranches totaling $538.75 million from a CLO originally priced in 2014.

Apollo Credit Management (CLO) LLC refinanced $460.5 million of notes in six tranches in a refinancing of a vintage 2012 CLO that was first refinanced in 2015.

Also, Shenkman Capital Management, Inc. refinanced $431,375,000 of notes in six tranches from a vintage 2014 deal.

Nearly $100 billion of vintage CLOs have been refinanced year to date, market sources report.

Anchorage Capital refinances

Anchorage Capital Group priced $577.45 million of notes in a refinancing and reset of the Anchorage Capital CLO 6, Ltd./Anchorage Capital CLO 6, LLC transaction, according to a market source and a notice to holders of notes.

Anchorage Capital CLO 6 sold $343.75 million of class A-R senior secured floating-rate notes at Libor plus 127 basis points at the top of the capital structure.

J.P. Morgan Securities LLC was the refinancing agent.

The maturity on the notes was extended to July 15, 2030 from the original April 15, 2027 maturity.

Anchorage Capital Group has refinanced two CLOs year to date.

The New York City-based CLO manager priced two CLOs and one CDO and refinanced one vintage CLO in 2016.

Greywolf sells $376.2 million

Greywolf Capital Management sold $538.75 million of global secured notes due Jan. 17, 2027 in a refinancing of a vintage 2014 CLO deal, according to a notice of executed supplemental indenture.

Greywolf CLO IV, Ltd./Greywolf CLO IV, LLC priced $269.18 million of class A-1-R senior secured floating-rate notes at Libor plus 121 bps in the senior tranche.

J.P. Morgan Securities was the refinancing placement agent.

Greywolf has refinanced three CLOs year to date.

The investment management firm is based in Purchase, N.Y.

Apollo reprices ALM VI

Apollo Credit Management (CLO) refinanced $460.5 million of notes due July 15, 2026 in a refinancing of a refinanced CLO transaction, according to a market source and a notice of executed second supplemental indenture.

ALM VI Ltd./ALM VI LLC sold $321.5 million of class A-1-RR senior secured floating-rate notes at Libor plus 105 bps in the senior slice.

Goldman Sachs & Co. LLC was the refinancing agent.

Apollo has refinanced three 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.

Shenkman refinances CLO

Shenkman Capital Management refinanced $431,375,000 of notes due July 15, 2026 in the vintage 2014 Adams Mill CLO Ltd./Adams Mill CLO LLC offering, according to a market source and a notice of executed supplemental indenture.

The CLO sold $230,625,000 of senior floating-rate notes at Libor plus 110 bps in the class A-1-R tranche.

Nomura Securities International, Inc. arranged the refinancing.

Shenkman has refinanced three vintage CLOs in 2017.

The investment firm is based in New York.

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