Invesco prices $510.3 million, manager’s first CLO of year; Apollo brings CLO reprint

By Cristal Cody

Tupelo, Miss., June 12 – Invesco RR Fund LP priced a $510.3 million CLO in the manager’s first deal of 2018.

In other deal action, Apollo Credit Management (CLO) LLC refinanced $476.75 million of notes in the third refinancing of a vintage 2012 CLO. Apollo last refinanced the notes in 2017.

About $50 billion of new issue CLOs and more than $51 billion of refinanced CLOs have priced year to date, according to market sources.

In its deal, Invesco RR Fund sold $510.3 million of notes due April 30, 2031 in the Betony CLO 2 Ltd. deal, according to a market source.

Betony CLO 2 priced the $325 million of class A-1 floating-rate notes at Libor plus 108 basis points.

Morgan Stanley & Co. LLC was the placement agent.

Meanwhile, Apollo Credit Management (CLO) refinanced $476.75 million of notes due July 15, 2026 in the third refinancing of ALM VI Ltd./ALM VI LLC, according to a market source and a notice of executed third supplemental indenture on Monday.

ALM VI sold $306 million of class A-1-a-R3 senior secured floating-rate notes at Libor plus 89 bps.

Goldman Sachs & Co. LLC was the refinancing placement agent.

The CLO was previously refinanced on July 17, 2017 and June 15, 2015. The CLO originally was issued June 27, 2012.

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