Apollo eyes reset of $474.75 million 2015 CLO; secondary market volume climbs

By Cristal Cody

Tupelo, Miss., June 6 – Coming up in the CLO refinancing space, Apollo ST Fund Management LLC plans to reprice $474.75 million of notes from a vintage 2015 CLO deal.

CLO secondary market activity was light on Wednesday, while the overall secured secondary market has been active over the past two sessions, especially in lower-rated securities, according to sources.

On Tuesday, $96.29 million of investment-grade CBO/CDO/CLO issues and $181.62 million of non-high-grade securities traded, Trace reported. On Monday, $105.9 million of high-grade issues and $57.02 million of lower-rated securities traded.

Apollo ST Fund Management plans to reprice $474.75 million of notes in a reset of the Apollo Credit Funding IV Ltd./Apollo Credit Funding IV LLC offering, according to a market source.

The deal includes $284 million of class A-1A-R senior secured floating-rate notes (AAA/AAA); $20 million of class A-1B-R senior secured floating-rate notes (//AAA); $38 million of class A-2-R senior secured floating-rate notes (AA); $42.5 million of class B-R senior secured floating-rate notes (A); $28 million of class C-R senior secured deferrable floating-rate notes (BBB-); $18.5 million of class D-R secured deferrable floating-rate notes (BB-) and $43.75 million of subordinated notes.

BofA Merrill Lynch is the arranger.

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

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