BlackRock prices $608.84 million CLO; CBAM sells $920 million; Apollo plans reissue

By Cristal Cody

Tupelo, Miss., Nov. 27 – In new supply in November, BlackRock Financial Management, Inc. sold $608.84 million of notes in the manager’s fourth CLO offering of the year.

In other pricing action, CBAM CLO Management LLC refinanced $920 million of notes from a 2018 CLO.

Also, Apollo Management International LLP expects to sell €341.3 million of new notes in a second refinancing of a vintage 2014 euro-denominated deal. Goldman Sachs International is the refinancing agent.

In its deal, BlackRock Financial Management sold $608,835,000 of notes due Jan. 15, 2033 in the new issue CLO, according to market sources.

Magnetite XXIV, Ltd./Magnetite XXIV LLC priced $384 million of class A floating-rate notes at Libor plus 133 basis points in the AAA-rated tranche.

Wells Fargo Securities LLC was the placement agent.

Separately, CBAM CLO Management refinanced $920 million of notes due Jan. 15, 2031 from the 2018 offering, according to a market source.

CBAM 2018-6, Ltd./CBAM 2018-6 LLC sold $610 million of class A-1-R floating-rate notes (expected ratings Aaa//AAA/Kroll: AAA) at Libor plus 127 bps and $30 million of 2.832% class A-2-R fixed-rate notes (expected ratings Aaa//AAA/Kroll: AAA) at the top of the capital stack.

Morgan Stanley & Co. LLC was the refinancing placement agent.

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