Symphony prices $515.25 million CLO; Apollo, Ares refinance vintage deals; secondary quiet

By Cristal Cody

Eureka Springs, Ark., Sept. 20 – Primary and refinancing activity remains active in the CLO markets, while secondary trading thinned.

Symphony Asset Management LLC priced $515.25 million of notes in a new CLO offering.

Apollo Credit Management (CLO) LLC refinanced $728.92 million of notes from a vintage 2012 deal.

Ares Management LP also refinanced $507.25 million of notes in a vintage 2012 CLO.

In other new issue activity, Onex Credit Partners, LLC priced its 12th CLO, the OCP CLO 2016-12, Ltd. transaction, via BoA Merrill Lynch, according to a market source. Final pricing details were not available by press time.

Also, PGIM Ltd. priced the Dryden 46 Euro CLO BV transaction via Barclays, a source said. Final pricing details were not available by press time.

Secondary trading was light on Monday. During the session, $35.81 million traded in nine high-grade CBO/CDO/CLO issues and $51.3 million traded in eight non-investment-grade CBO/CDO/CLO securities, according to Trace.

Symphony prices CLO

Symphony Asset Management priced $515.25 million of notes in the TCI-Symphony CLO 2016-1 Ltd. transaction, according to a market source.

TCI-Symphony CLO 2016-1 sold $320 million of class A floating-rate notes at Libor plus 148 basis points in the AAA-rated tranche.

BofA Merrill Lynch was the placement agent.

Symphony Asset Management has priced two CLO deals year to date.

The San Francisco-based asset management firm sold one CLO and refinanced one vintage CLO in 2015.

Apollo resets $728.92 million

Apollo Credit Management refinanced $728.92 million of notes from a vintage 2012 CLO 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 bps in the senior tranche.

Citigroup Global Markets Inc. was the refinancing agent.

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.

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.

Ares refinances Ares XXV

Ares Management refinanced $507.25 million of notes due Jan. 17, 2024 in a vintage 2012 CLO offering, according to a market source.

Ares XXV CLO Ltd./Ares XXV CLO LLC priced $339.5 million of class A-R senior floating-rate notes at Libor plus 122 bps in the AAA-rated tranche.

Nomura Securities International, Inc. arranged the refinancing.

Ares CLO Management XXV, LP will continue to manage the CLO.

Proceeds from the transaction were used to redeem the original notes.

Ares Management has priced two new CLO deals and refinanced two vintage CLOs year to date.

The Los Angeles-based alternative asset management firm priced five CLOs and refinanced one vintage CLO in 2015.

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