BlackRock prices $608.84 million CLO; CBAM sells $920 million; Apollo plans reissue

By Cristal Cody

Tupelo, Miss., Nov. 27 – In new supply in November, BlackRock Financial Management, Inc. sold $608.84 million of notes in the manager’s fourth CLO offering of the year.

In other pricing action, CBAM CLO Management LLC refinanced $920 million of notes from a 2018 CLO.

Also, Apollo Management International LLP expects to sell €341.3 million of new notes in a second refinancing of a vintage 2014 euro-denominated deal.

BlackRock prints notes

BlackRock Financial Management sold $608,835,000 of notes due Jan. 15, 2033 in the new issue CLO, according to market sources.

Magnetite XXIV, Ltd./Magnetite XXIV LLC priced $384 million of class A floating-rate notes at Libor plus 133 basis points in the AAA-rated tranche.

Wells Fargo Securities LLC was the placement agent.

The offering is collateralized primarily by broadly syndicated first-lien senior secured loans.

BlackRock is an investment management firm based in New York City.

CBAM refinances CLO

CBAM CLO Management refinanced $920 million of notes due Jan. 15, 2031 from the 2018 offering, according to a market source.

CBAM 2018-6, Ltd./CBAM 2018-6 LLC sold $610 million of class A-1-R floating-rate notes (expected ratings Aaa//AAA/Kroll: AAA) at Libor plus 127 bps and $30 million of 2.832% class A-2-R fixed-rate notes (expected ratings Aaa//AAA/Kroll: AAA) at the top of the capital stack.

Morgan Stanley & Co. LLC was the refinancing placement agent.

In the original $1,005,300,000 offering issued June 15, 2018, the CLO sold $650 million of the class A notes at Libor plus 94 bps.

Proceeds will be used to redeem the secured notes.

The New York City-based portfolio company of private investment firm Eldridge Industries priced five CLOs in 2018.

Apollo CLO on tap

Apollo Management International plans to price €341.3 million of new notes in a second refinancing of the ALME Loan Funding II DAC transaction, according to a market source and issuer notice on Wednesday.

The deal includes €234 million of class A-R senior secured floating-rate notes (Aaa), €23.8 million of class B-1-R senior secured floating-rate notes (Aa2), €14.1 million of class B-2-R senior secured fixed-rate notes (Aa2), €24.4 million of class C-R senior secured deferrable floating-rate notes (A2), €23.6 million of class D-R senior secured deferrable floating-rate notes (Baa3) and €20.6 million of class E-R senior secured deferrable floating-rate notes (Ba3).

Goldman Sachs International is the refinancing agent.

The CLO was first refinanced in a €337.4 million transaction on Dec. 20, 2016 and was originally issued as a €382.4 million offering on July 9, 2014.

Proceeds from the second refinancing will be used to redeem the outstanding tranches on Dec. 19.

The CLO is predominantly backed by senior secured obligations.

Apollo Management is an investment firm based in London.

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