By Cristal Cody
Tupelo, Miss., Feb. 28 – Apollo Credit Management LLC priced $2,146,250,000 of notes due Oct. 15, 2029 in a reissue of vintage broadly syndicated collateralized loan obligation transactions, according to market sources.
ALM 2020, Ltd./ALM 2020 LLC sold $7.5 million of class X floating-rate notes at Libor plus 45 basis points, $1,375,000,000 of class A-1a-1 floating-rate notes at Libor plus 108 bps, $107 million of class A-1b floating-rate notes at Libor plus 140 bps and $171 million of class A-2 deferrable floating-rate notes at Libor plus 185 bps.
The CLO also priced $121 million of class B deferrable floating-rate notes at Libor plus 200 bps, $117 million of class C deferrable floating-rate notes at Libor plus 300 bps, $86 million of class D deferrable floating-rate notes at Libor plus 600 bps and $161.75 million of subordinated notes.
J.P. Morgan Securities LLC arranged the deal.
Apollo Credit Management will manage the CLO, which has a one-year non-call period and a 1.7-year reinvestment period.
Proceeds will be used to redeem outstanding notes from previously issued CLOs that include the 2013 vintage ALM VIII, Ltd. transaction, the vintage 2012 ALM VI, Ltd. deal and the vintage 2012 ALM V, Ltd. offering.
The subsidiary of Apollo Global Management, LLC is based in New York City.
| Issuer: | ALM 2020, Ltd./ALM 2020 LLC
|
| Amount: | $2,146,250,000 reissue
|
| Securities: | Floating-rate and subordinated notes
|
| Maturity: | Oct. 15, 2029
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities LLC
|
| Manager: | Apollo Credit Management LLC
|
| Call feature: | One year
|
| Pricing date: | Feb. 5
|
| Refinancing date: | March 4
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class X notes
|
| Amount: | $7.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 45 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1a-1 notes
|
| Amount: | $1,375,000,000
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 108 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1b notes
|
| Amount: | $107 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 140 bps
|
| Rating: | S&P: Non-rated
|
|
|
| Class A-2 notes
|
| Amount: | $171 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 185 bps
|
| Rating: | S&P: AA
|
|
|
| Class B notes
|
| Amount: | $121 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Rating: | S&P: A
|
|
|
| Class C notes
|
| Amount: | $117 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 300 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class D notes
|
| Amount: | $86 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 600 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $161.75 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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