Brigade sells $402.5 million CLO; Apollo brings €341.3 million second refinancing

By Cristal Cody

Tupelo, Miss., Dec. 5 – In new CLO supply, Brigade Capital Management, LLC priced a $402.5 million broadly syndicated deal.

The offering is the CLO manager’s second new issue of the year.

In other activity, Apollo Management International LLP priced €341.3 million of notes in a second refinancing of a vintage 2014 CLO.

Elsewhere, Voya Alternative Asset Management LLC closed Thursday on its previously reported $603.4 million Voya CLO 2019-4, Ltd./Voya CLO 2019-4 LLC deal. The CLO priced $372 million of the class A-1 floating-rate notes at Libor plus 134 basis points.

About $100 billion of new CLOs have priced year to date, while more than $40 billion of dollar- and euro-denominated vintage CLOs have been refinanced, according to market sources.

Brigade prints CLO XVI

Brigade Capital Management priced a new $402.5 million CLO offering, according to market sources.

Battalion CLO XVI Ltd./Battalion CLO XVI LLC sold $233 million of class A senior secured floating-rate notes at Libor plus 137 bps and $19 million of 2.94% class A-F senior secured fixed-rate notes at the top of the capital stack.

Mizuho Securities USA Inc. was the placement agent.

The notes, due in December 2032, have a two-year non-call period and a five-year reinvestment period.

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

The investment advisor firm is based in New York.

Apollo refinances ALME II

Apollo Management International priced €341.3 million of notes in a second refinancing of the ALME Loan Funding II DAC transaction, according to a market source.

ALME Loan Funding II sold €234.8 million of class A-RR senior secured floating-rate notes (Aaa//AAA) at Euribor plus 75 bps in the senior tranche.

Goldman Sachs International was the refinancing agent.

The maturity was extended by one year to Jan. 15, 2031, and the CLO has a new one-year reinvestment period.

ALME Loan Funding II was first refinanced in a €337.4 million transaction on Dec. 20, 2016. The CLO had sold €224 million of the class A-R senior secured floating-rate notes at Euribor plus 100 bps.

In that offering, the maturity was extended to Jan. 15, 2030 from the original Jan. 15, 2027 due date.

ALME Loan Funding II was originally issued as a €382.4 million transaction on July 9, 2014.

The initial CLO priced €223.5 million of the class A floating-rate notes at Euribor plus 135 bps.

Proceeds from the second refinancing will be used to redeem the outstanding notes on Dec. 19.

The CLO is predominantly backed by senior secured obligations.

Apollo Management is an investment firm based in London.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.