AXA prices €362.3 million; Apollo refinances CLO; Loomis, Sayles returns to deal market

By Cristal Cody

Tupelo, Miss., Aug. 3 – Details emerged on new transactions from AXA Investment Managers, Inc., Ares XXXIV CLO Ltd./Ares XXXIV CLO LLC and Apollo Credit Management (CLO) LLC, while one pre-financial crisis CLO manager plans to a bring a new deal, according to market sources.

AXA Investment Managers brought a €362.3 million CLO in a private placement offering.

Ares Management priced $813.6 million of notes in a CLO deal.

In refinancing activity, Apollo Credit Management (CLO) refinanced $437.5 million of notes from a vintage 2012 CLO deal.

The U.S. CLO market was mostly quiet over July in primary and secondary activity, according to a J.P. Morgan Securities LLC market note.

“U.S. secondary BWIC volumes in July to last Friday were only 35% of the $5 billion in average monthly volume for the first 6 months of the year,” the note said.

August deal activity is expected to be busier with several CLO transactions in the pipeline.

Loomis, Sayles & Co., LP, which was last in the CLO primary market in 2006, is marketing a $413.75 million offering.

In its deal, AXA Investment Managers priced €362.3 million of notes due Oct. 15, 2029 in a CLO deal, according to a market source.

Adagio IV CLO Ltd. priced €200.5 million of class A1 senior secured floating-rate notes (Aaa//AAA) at Euribor plus 135 basis points at the top of the capital structure.

J.P. Morgan Securities plc arranged the transaction.

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