By Cristal Cody
Tupelo, Miss., July 18 – Apollo Credit Management (CLO) LLC refinanced $460.5 million of notes due July 15, 2026 in a refinancing of a refinanced collateralized loan obligation transaction, according to a market source and a notice of executed second supplemental indenture on Monday.
ALM VI Ltd./ALM VI LLC sold $321.5 million of class A-1-RR senior secured floating-rate notes at Libor plus 105 basis points; $51.5 million of class A-2-RR senior secured floating-rate notes at Libor plus 160 bps; $29.5 million of class B-1-RR senior secured deferrable floating-rate notes at Libor plus 205 bps; $15 million of class B-2-RR senior secured deferrable floating-rate notes at Libor plus 205 bps; $23 million of class C-RR senior secured deferrable floating-rate notes at Libor plus 320 bps and $20 million of class D-RR secured deferrable floating-rate notes at Libor plus 545 bps.
Goldman Sachs & Co. LLC was the refinancing agent.
Apollo Credit Management (CLO) will continue to manage the CLO.
The original CLO had a non-call period that ended on July 15, 2017. The reinvestment period ends July 15, 2019.
In the refinanced transaction priced on June 3, 2015, the CLO refinanced $475 million of the original vintage 2012 CLO notes.
In the 2015 offering, the CLO repriced $321.5 million of class A-1R senior secured floating-rate notes at Libor plus 143 bps; $51.5 million of class A-2R senior secured floating-rate notes at Libor plus 195 bps; $29.5 million of class B-1R senior secured deferrable floating-rate notes at Libor plus 280 bps; $15 million of 2.8% class B-2R senior secured deferrable fixed-rate notes; $23 million of class C-R senior secured deferrable floating-rate notes at Libor plus 375 bps; $20 million of class D-R secured deferrable floating-rate notes at Libor plus 565 bps and $14.5 million of class E-R secured deferrable floating-rate notes at Libor plus 660 bps. The original $39 million of subordinated notes also was included in the deal. Those proceeds were used to redeem the original notes due June 14, 2023.
Proceeds from the latest refinancing were used to redeem the 2015 refinanced class A-1-R, class A-2-R, class C-R and class D-R notes.
The transaction is collateralized primarily by broadly syndicated senior secured corporate loans.
Apollo has refinanced three CLOs year to date.
The New York City-based subsidiary of Apollo Global Management, LLC priced two new CLOs and refinanced two vintage CLO transactions in 2016.
| Issuer: | ALM VI Ltd./ALM VI LLC
|
| Amount: | $460.5 million refinancing
|
| Maturity: | July 15, 2026
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Goldman Sachs & Co. LLC
|
| Manager: | Apollo Credit Management (CLO) LLC
|
| Settlement date: | July 17
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class A-1-RR notes
|
| Amount: | $321.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 105 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class A-2-RR notes
|
| Amount: | $51.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AA
|
|
|
| Class B-1-RR notes
|
| Amount: | $29.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 205 bps
|
| Rating: | S&P: A
|
|
|
| Class B-2-RR notes
|
| Amount: | $15 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 205 bps
|
| Rating: | S&P: A
|
|
|
| Class C-RR notes
|
| Amount: | $23 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 320 bps
|
| Rating: | S&P: BBB
|
|
|
| Class D-RR notes
|
| Amount: | $20 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 545 bps
|
| Rating: | S&P: BB
|
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