Apollo raises $786.2 million; Credit Value Partners prices CLO; secondary pace moderate

By Cristal Cody

Tupelo, Miss., Feb. 12 – Details emerged on new CLO issuance brought by managers Apollo Credit Management (CLO) LLC and Credit Value Partners LP.

Apollo Credit Management raised $786.2 million in the offering, according to a market source.

Credit Value Partners priced $408.75 million of notes due Jan. 30, 2027 in the CVP Cascade CLO-3 Ltd./CVP Cascade CLO-3 LLC offering, a source said.

Primary action continues at a steady trickle with the year expected to see as much as $120 billion of total issuance.

Secondary activity remains moderate in the U.S. market, a source said.

Apollo Credit Management priced $786.2 million of notes due 2027 in a 10-part CLO deal, according to a market source.

ALM XII, Ltd./ALM XII, LLC priced $492.8 million of class A-1 floating-rate notes at Libor plus 155 basis points at the top of the capital structure.

The CLO sold $11.5 million of class E floating-rate notes at Libor plus 605 bps at the bottom of the stack.

Morgan Stanley & Co. was the placement agent.

Apollo Credit Management will manage the CLO.

Credit Value Partners sold $408.75 million of notes due Jan. 30, 2027 in the seven-tranche CVP Cascade CLO-3 Ltd./CVP Cascade CLO-3 LLC offering, according to a market source.

Jefferies LLC was the placement agent.

CVP CLO Manager, LLC will manage the CLO.

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