Redding Ridge prices $1.55 billion; CIFC, AXA Investment Managers refinance CLOs

By Cristal Cody

Tupelo, Miss., Jan. 24 – CLO refinancing action remains brisk so far in 2018.

Redding Ridge Asset Management, LLC came with a $1.55 billion repricing of a deal originally sold in 2014 by Apollo Credit Management (CLO) LLC.

Also, CIFC VS Management LLC priced $568.5 million of notes in a second refinancing and reset of a 2014 CLO.

AXA Investment Managers, Inc. sold $350 million of notes in a refinancing of a vintage 2015 transaction.

Nearly $7 billion of vintage CLOs have been refinanced year to date, according to market sources.

Redding Ridge Asset Management priced $1,552,350,000 of notes due January 2030 in the firm’s third CLO transaction, a source said.

The RR 3 Ltd./RR 3 LLC CLO sold $916 million of class A-1-R2 floating-rate notes at Libor plus 109 basis points in the senior tranche.

BNP Paribas Securities Corp. was the refinancing placement agent.

The deal is a refinancing and reset of the ALM XIV, Ltd. transaction that was originally priced and managed by Apollo Credit Management (CLO).

The original transaction priced on June 6, 2014. Apollo Credit Management refinanced $1,177,160,000 of notes from the CLO on April 5, 2017.

The New York City-based asset management company was established in 2016 by Apollo Global Management, LLC.

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