Apollo prices upsized €411 million CLO; Telos firms structure; Anchorage Capital preps CLO

By Cristal Cody

Tupelo, Miss., Oct. 28 – In CLO primary action on Tuesday, Apollo Global Management, LLC announced that it priced €411 million of notes in the ALME Loan Funding III Ltd. deal.

The transaction was upsized from €360 million.

Citigroup Global Markets Inc. was the placement agent.

Final pricing details were not available by press time.

Apollo Global Management was last in the primary market on June 6 with the €382.4 million ALME Loan Funding II Ltd. transaction.

The New York City-based investment management firm priced the €334.23 million ALME Loan Funding 2013-1 Ltd. deal in 2013.

Telos preps deal

Telos Asset Management LLC is marketing a $359.9 million CLO deal, according to a source.

The Telos CLO 2014-6, Ltd./Telos CLO 2014-6 LLC offering includes $161.5 million of class A-1 floating-rate notes (/AAA/); $60 million of class A-2 fixed-rate notes (/AAA/); $8 million of class B-1 floating-rate notes (/AA/); $34 million of class B-2 fixed-rate notes; $22 million of class C floating-rate notes (/A/); $20.5 million of class D floating-rate notes (/BBB/); $16.5 million of class E floating-rate notes and $37.4 million of subordinated notes.

BNP Paribas Securities Corp. will arrange the offering.

The notes are due Nov. 30, 2026.

The company said in July that it had entered into a $140 million credit facility in anticipation of the issuance of CLO notes.

Telos Asset Management priced the $412.35 million Telos CLO 2014-5, Ltd./Telos CLO 2014-5 LLC transaction in April.

The asset management company, a subsidiary of New York-based Tiptree Financial Inc., priced two deals in 2013.

Pipeline grows

Also on the calendar, Anchorage Capital Group, LLC plans to price $520 million of notes due 2026 in the Anchorage Capital CLO 5, Ltd./Anchorage Capital CLO 5, LLC deal, according to a market source.

The offering includes $2 million of class X floating-rate notes (//AAA); $305 million of class A floating-rate notes (//AAA); $57.5 million of class B floating-rate notes; $30 million of class C floating-rate notes; $35 million of class D floating-rate notes; $30 million of class E floating-rate notes; $12.5 million of class F floating-rate notes and $48 million of subordinated notes.

Morgan Stanley & Co. LLC is the placement agent.

Anchorage Capital has priced two CLO deals year to date and brought one transaction in 2013.

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