Apollo refinances $1.18 billion CLO; Brigade refinances notes; GoldenTree CLO compliant

By Cristal Cody

Tupelo, Miss., April 12 – Apollo Credit Management (CLO) LLC refinanced $1,177,160,000 of vintage 2014 CLO notes, while Brigade Capital Management, LLC refinanced $359 million of fixed- and floating-rate notes from a 2014 deal.

About $60 billion of CLOs have been refinanced and repriced year to date, according to market sources.

“The refinancing wave has continued into April; 11 deals were refinanced or reset in the first six days of April, and 120 deals have been refinanced or reset year to date,” according to a Wells Fargo Securities LLC note released on Wednesday.

In other activity, GoldenTree Loan Management LP and affiliated investment manager GoldenTree Asset Management announced on Wednesday that the previously reported $711 million GoldenTree Loan Management US CLO 1 Ltd./GoldenTree Loan Management US CLO 1 Inc. transaction closed.

“The CLO, GoldenTree Loan Management US CLO 1, is the first to be issued under GoldenTree's previously announced new CLO strategy whereby GLM raised $600 million in commitments to invest in and manage CLOs that are intended to be compliant with U.S. and European risk retention regulations,” GoldenTree said in the release.

The CLO will initially be backed by a 96% ramped $670 million portfolio of senior secured loans as of closing.

The CLO priced on March 9 and was arranged by a bank syndicate including Morgan Stanley & Co. LLC as structuring lead, BofA Merrill Lynch and Wells Fargo Securities LLC as co-leads and GreensLedge Capital Markets LLC as placement agent.

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