Rockford Tower prices $506.64 million; AIG brings $504.65 million CLO; Apollo refinances

By Cristal Cody

Tupelo, Miss., March 5 – Details emerged Tuesday on two new CLO offerings and a vintage CLO refinancing.

Rockford Tower Capital Management, LLC priced $506.64 million of notes in its first broadly syndicated CLO offering of the year.

AIG Asset Management (US) LLC also priced $504.65 million of notes in a new broadly syndicated CLO deal.

In refinancing action, Apollo Credit Management (CLO) LLC sold $439 million of notes in a reset of a vintage 2016 CLO deal.

CLO managers have priced more than $17 billion of broadly syndicated CLOs and refinanced about $2 billion of vintage notes year to date, market sources report.

In its deal, Rockford Tower Capital Management priced $506.64 million of notes due April 20, 2032 in the Rockford Tower CLO 2019-1, Ltd./Rockford Tower CLO 2019-1, LLC transaction, according to a market source.

Rockford Tower CLO 2019-1 sold $300 million of class A-1 floating-rate notes at Libor plus 145 basis points and $25 million of class A-2 floating-rate notes at Libor plus 175 bps at the top of the capital stack.

Meanwhile, AIG Asset Management priced $504.65 million of notes due April 15, 2032 in its offering.

AIG CLO 2019-1, Ltd./AIG CLO 2019-1, LLC sold $305 million of class A floating-rate notes at Libor plus 142 bps in the AAA-rated tranche.

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