By Cristal Cody
Tupelo, Miss., April 12 – Apollo Credit Management (CLO) LLC refinanced $1,177,160,000 of notes from a vintage 2014 collateralized loan obligation transaction, according to a market source.
ALM XIV Ltd. sold $930 million of class A-1-R floating-rate notes at par to yield Libor plus 115 basis points, $163.23 million of class A-2-R floating-rate notes at par to yield Libor plus 155 bps and $83.93 million of class B-R floating-rate notes at par to yield Libor plus 210 bps.
BofA Merrill Lynch was the refinancing agent.
Apollo Credit Management (CLO) will continue to manage the CLO.
In the original transaction priced on June 6, 2014, ALM XIV sold $930 million of class A-1 senior secured floating-rate notes at Libor plus 143 bps; $163,225,000 of class A-2 senior secured floating-rate notes at Libor plus 210 bps; $83,925,000 of class B senior secured deferrable floating-rate notes at Libor plus 295 bps; $107.5 million of class C senior secured deferrable floating-rate notes at Libor plus 345 bps; $100.1 million of class D secured deferrable floating-rate notes at Libor plus 485 bps and $157.35 million of preferred shares.
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 XIV, Ltd.
|
| Amount: | $1,177,160,000 refinancing
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | BofA Merrill Lynch
|
| Manager: | Apollo Credit Management (CLO) LLC
|
| Pricing date: | April 5
|
|
|
| Class A-1-R notes
|
| Amount: | $930 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 115 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa expected
|
| Fitch: AAA expected
|
|
|
| Class A-2-R notes
|
| Amount: | $163.23 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 155 bps
|
| Price: | Par
|
| Rating: | Moody’s: Aa2 expected
|
|
|
| Class B-R notes
|
| Amount: | $83.93 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 210 bps
|
| Price: | Par
|
| Rating: | Moody’s: A2 expected
|
© 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.
