Apex sells $408.35 million CLO; GSO/Blackstone, Sound Point Capital refinance notes

By Cristal Cody

Tupelo, Miss., Oct. 2 – Apex Credit Partners LLC priced $408.35 million of notes in the manager’s second new CLO transaction of the year.

The refinancing space also remains active with two CLO managers tightening spreads on the AAA-rated tranche in vintage deals.

GSO/Blackstone Debt Funds Management LLC repriced $352 million of class A notes from a 2016 CLO.

Sound Point Capital Management LP also refinanced $416 million of class A notes from a vintage 2017 CLO.

CLO managers have priced about $85 billion of new deals and refinanced about $35 billion of vintage CLOs year to date, market sources report.

In its deal, Apex Credit Partners sold $408.35 million of notes due Oct. 25, 2032 in the Apex Credit CLO 2019-II Ltd. transaction, according to market sources.

The CLO sold $248 million of class A-1 senior secured floating-rate notes (Aaa/AAA) at Libor plus 141 basis points and $16 million of class A-2 senior secured floating-rate notes (AAA) at Libor plus 180 bps at the top of the capital stack.

Jefferies LLC was the placement agent.

The deal is backed primarily by broadly syndicated senior secured corporate loans.

The New York City-based commercial finance firm is co-owned by Jefferies Group LLC and Massachusetts Mutual Life Insurance Co.

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