By Cristal Cody
Tupelo, Miss., July 10 – Apollo Credit Management (CLO) LLC refinanced $616.8 million of notes due Jan. 15, 2028 from a vintage 2016 collateralized loan obligation transaction, according to a market source and a notice of changed pages to proposed first supplemental indenture on Monday.
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, $12 million of class A-1b-R senior secured floating-rate notes at Libor plus 130 bps and $62.5 million of class A-2-R senior secured floating-rate notes at Libor plus 160 bps.
The CLO placed $31.5 million of class B-R senior secured deferrable floating-rate notes at Libor plus 210 bps; $41.9 million of class C-R senior secured deferrable floating-rate notes at Libor plus 280 bps, $29.4 million of class D-R secured deferrable floating-rate notes at Libor plus 525 bps, $12 million of class E-R secured deferrable floating-rate notes at Libor plus 685 bps and $52.5 million of preferred shares.
Credit Suisse Securities (USA) LLC was the refinancing placement agent.
Apollo Credit Management (CLO) will continue to manage the CLO.
In the original $604.8 million transaction issued Jan. 21, 2016, the CLO sold $369 million of class A-1L floating-rate notes at Libor plus 155.5 bps, $18 million of 3.419% class A-1F fixed-rate notes, $60 million of class A-2L floating-rate notes at Libor plus 235 bps and $6 million of 3.883% class A-2H fixed-rate notes, which would have converted to Libor plus 235 bps on the payment date in 2020.
The CLO also priced $24.5 million of class B-1 floating-rate notes at Libor plus 340 bps and $7 million of 4.933% class B-2 fixed-rate notes, which would have converted to Libor plus 340 bps on the 2020 payment date. At the bottom of the capital structure, ALM XVII had sold $11 million of class C-1 floating-rate notes at Libor plus 415 bps, $27.4 million of class C-2 floating-rate notes at Libor plus 485 bps, $29.4 million of class D floating-rate notes at Libor plus 635 bps and $52.5 million of preferred shares.
Proceeds will be used to redeem the original CLO notes on July 16.
Apollo is a New York City-based subsidiary of Apollo Global Management, LLC.
| Issuer: | ALM XVII Ltd./ALM XVII LLC
|
| Amount: | $616.8 million refinancing
|
| Maturity: | Jan. 15, 2028
|
| Securities: | Floating-rate notes and preferred shares
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Credit Suisse Securities (USA) LLC
|
| Manager: | Apollo Credit Management (CLO) LLC
|
| Settlement date: | July 16
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class A-1a-R notes
|
| Amount: | $375 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 93 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA expected
|
|
|
| Class A-1b-R notes
|
| Amount: | $12 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 130 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA expected
|
|
|
| Class A-2-R notes
|
| Amount: | $62.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class B-R notes
|
| Amount: | $31.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 210 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class C-R notes
|
| Amount: | $41.9 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 280 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class D-R notes
|
| Amount: | $29.4 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 525 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Class E-R notes
|
| Amount: | $12 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 685 bps
|
| Rating: | Moody’s: B3
|
|
|
| Equity
|
| Amount: | $52.5 million
|
| Securities: | Preferred shares
|
| Ratings: | Non-rated
|
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