Apollo refinances $616.8 million 2016 CLO notes; ICG plans reprint of 2016 CLO

By Cristal Cody

Tupelo, Miss., July 10 – In the CLO market, new refinancing activity includes $616.8 million of notes repriced from a 2016 CLO.

Apollo Credit Management (CLO) LLC refinanced $616.8 million of notes in the transaction.

Also coming up, ICG Debt Advisors LLC plans to refinance $405.75 million of notes from a 2016 CLO.

More than $85 billion of CLOs have been refinanced, reset and/or reissued year to date, according to BofA Merrill Lynch.

In its deal, Apollo Credit Management (CLO) refinanced $616.8 million of notes due Jan. 15, 2028 in the transaction, according to a market source.

ALM XVII Ltd./ALM XVII LLC sold $375 million of class A-1a-R senior secured floating-rate notes at Libor plus 93 basis points at the top of the capital structure.

Credit Suisse Securities (USA) LLC was the refinancing placement agent.

Meanwhile, ICG Debt Advisors plans to reprice the $405.75 million of notes due July 29, 2028 from a vintage 2016 CLO, according to a notice to noteholders on Monday.

The refinanced ICG US CLO 2016-1, Ltd./ICG US CLO 2016-1 LLC deal is expected to include class A-1-R floating-rate notes (expected Aaa//expected AAA); class A-2-R floating-rate notes (expected Aa2); class B-R floating-rate notes (expected A2); class C-R floating-rate notes (expected Baa3); class D-R floating-rate notes (expected Ba3); class E-R floating-rate notes (expected B3) and subordinated notes.

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