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Apollo raises $786.2 million; Credit Value Partners prices CLO; secondary pace moderate
By Cristal Cody
Tupelo, Miss., Feb. 12 – Details emerged on new CLO issuance brought by managers Apollo Credit Management (CLO) LLC and Credit Value Partners LP.
Apollo Credit Management raised $786.2 million in the offering, according to a market source.
Credit Value Partners priced $408.75 million of notes due Jan. 30, 2027 in the CVP Cascade CLO-3 Ltd./CVP Cascade CLO-3 LLC offering, a source said.
Primary action continues at a steady trickle with the year expected to see as much as $120 billion of total issuance.
Secondary activity remains moderate in the U.S. market, a source said.
Apollo places $786.2 million
Apollo Credit Management priced $786.2 million of notes due 2027 in a 10-part CLO deal, according to a market source.
ALM XII, Ltd./ALM XII, LLC priced $492.8 million of class A-1 floating-rate notes at Libor plus 155 basis points at the top of the capital structure.
The CLO sold $11.5 million of class E floating-rate notes at Libor plus 605 bps at the bottom of the stack.
Morgan Stanley & Co. was the placement agent.
Apollo Credit Management will manage the CLO.
In 2014, Apollo priced two U.S. CLOs, including the $1.54 billion ALM XIV, Ltd. offering.
The New York City-based investment management firm is a subsidiary of Apollo Global Management, LLC.
Credit Value brings CLO
Credit Value Partners sold $408.75 million of notes due Jan. 30, 2027 in the seven-tranche CVP Cascade CLO-3 Ltd./CVP Cascade CLO-3 LLC offering, according to a market source.
The CLO priced $258 million of class A-1 floating-rate notes at Libor plus 170 bps and lower in the structure sold $17 million of class E deferrable floating-rate notes at Libor plus 597 bps.
Jefferies LLC was the placement agent.
CVP CLO Manager, LLC will manage the CLO.
The non-call period ends Oct. 30, 2016. The reinvestment period ends Jan. 30, 2019.
Credit Value Partners brought one CLO deal in 2014.
The investment management firm is based in Greenwich, Conn.
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