Apollo to bring $855.5 million ALM VII(R) collateralized loan obligation deal

By Cristal Cody

Tupelo, Miss., Aug. 2 - Apollo Credit Management LLC is prepping to offer the $855.5 million ALM VII(R), Ltd./ALM VII(R), LLC collateralized loan obligation of notes due 2024, market sources said on Friday.

Apollo plans to sell $497.5 million of class A-1 senior secured floating-rate notes (Aaa/AAA/); $95.7 million of class A-2 senior secured floating-rate notes (/AA/); $76.9 million of class B senior secured deferrable floating-rate notes (/A/); $54.9 million of class C senior secured deferrable floating-rate notes (/BBB-/); $25.7 million of class D secured deferrable floating-rate notes (/BB-/); $24.3 million of class E secured deferrable floating-rate notes (/B/) and $80.5 million of subordinated notes.

J.P. Morgan Securities LLC is the underwriter.

Apollo, a subsidiary of Apollo Global Management, LLC, will manage the CLO, which is backed by a revolving pool of broadly syndicated senior secured corporate loans. The portfolio is expected to be 100% ramped at closing.

The deal is expected to settle on Sept. 5.

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