Apollo prices $2.15 billion reissue; GSO/Blackstone refinances CLO; loan outflows rise

By Cristal Cody

Tupelo, Miss., Feb. 28 – CLO refinancing volume got a boost from a $2.15 billion reissue from Apollo Credit Management LLC.

Meanwhile, GSO/Blackstone Debt Funds Management LLC priced $507.38 million of notes in a refinancing of a vintage 2016 CLO.

CLO dollar-denominated volume year to date totals $19.77 billion from 43 new issue and refinanced transactions, according to Prospect News data.

February volume includes $12.97 billion of dollar CLOs priced in 27 offerings.

In other activity, leveraged loan funds continued a sixth straight week of outflows with about $952 million withdrawn for the past week ended Wednesday, Fitch Ratings said in a report on Friday.

“This is a sharp increase from last week’s $165 million withdrawn in the week ending Feb. 20 which kept pace with the $163 million of redemptions in the week ending Feb. 12,” Fitch said.

Apollo reissues CLO

Apollo Credit Management priced $2,146,250,000 of notes due Oct. 15, 2029 in the reissue, according to market sources.

ALM 2020, Ltd./ALM 2020 LLC sold $1,375,000,000 of class A-1a-1 floating-rate notes at Libor plus 108 basis points at the top of the capital stack.

J.P. Morgan Securities LLC arranged the deal.

Proceeds will be used to redeem outstanding notes from previously issued CLOs that include the 2013 vintage ALM VIII, Ltd. transaction, the vintage 2012 ALM VI, Ltd. deal and the vintage 2012 ALM V, Ltd. offering.

The subsidiary of Apollo Global Management, LLC is based in New York City.

GSO/Blackstone prices

GSO/Blackstone Debt Funds Management priced $507,375,000 of notes due April 15, 2029 in a refinancing of the Bristol Park CLO Ltd./Bristol Park CLO LLC transaction, according to a market source and a notice of executed first supplemental indenture on Thursday.

The CLO sold $357.5 million of class A-R senior secured floating-rate notes at Libor plus 99 bps in the AAA-rated tranche.

BNP Paribas Securities Corp. was the refinancing placement agent.

The original $562.18 million offering was issued Dec. 8, 2016.

The CLO is backed primarily by broadly syndicated first-lien senior secured corporate loans.

The New York City-based firm is a subsidiary of alternative asset manager GSO Capital Partners LP.

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