CLO refinancings steady in October; Apollo reprices second time; ArrowMark resets CLO

By Cristal Cody

Tupelo, Miss., Oct. 16 – CLO refinancing action continues to remain strong in October with nearly 20 vintage deals already refinanced month to date, sources report.

Details emerged on two refinancings that closed on Monday.

Apollo Credit Management (CLO) LLC priced $831 million of notes in a second refinancing of a vintage 2013 CLO.

ArrowMark Colorado Holdings LLC sold $326.1 million of notes in a refinancing and reset of a 2016 offering.

In its deal, Apollo Credit Management closed Monday on an $831 million offering of notes due Oct. 15, 2027 in a second refinancing of a vintage 2013 CLO deal, according to a market source and a notice of executed second supplemental indenture.

ALM VII(R)-2, Ltd./ALM VII(R)-2, LLC sold $535 million of class A-1A-2 senior secured floating-rate notes at Libor plus 105 basis points at the top of the capital stack.

Meanwhile, ArrowMark Colorado Holdings sold $326.1 million of notes in a refinancing and reset of the Elevation CLO 2016-5, Ltd./Elevation CLO 2016-5, LLC deal, according to a market source and a notice of executed second supplemental indenture.

In the AAA-rated tranche, Elevation CLO 2016-5 priced $224 million of class A-R senior secured floating-rate notes at Libor plus 123 bps.

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