Apollo prices $1.11 billion; CIFC prints AAAs at Libor plus 142 bps; secondary thin

By Cristal Cody

Tupelo, Miss., July 20 – New CLO primary action includes a $1,111,850,000 deal from Apollo Credit Management (CLO) LLC, while details emerged Monday on CIFC Asset Management LLC’s $515.7 million transaction.

Global CLO issuance has reached nearly $85 billion year to date, according to data compiled by Prospect News.

Secondary trading activity has been light with total U.S. BWIC volumes of less than $250 million over the previous week, BofA Merrill Lynch analysts said in a note.

Apollo Credit Management priced $1,111,850,000 of notes due July 15, 2027 in a new collateralized loan obligation deal, according to a market source.

ALM XVI, Ltd./ALM XVI LLC sold $715 million of class A-1 senior secured floating-rate notes at Libor plus 146 basis points at the top of the capital structure.

J.P. Morgan Securities LLC was the deal arranger.

Apollo Credit Management is the CLO manager.

Meanwhile, CIFC Asset Management sold $515.7 million of notes due July 16, 2027 in the CIFC Funding 2015-III, Ltd./CIFC Funding 2015-III, LLC transaction, according to a market source.

The CLO priced $325 million of class A senior secured floating-rate notes at Libor plus 142 bps in the AAA-rated slice.

BNP Paribas Securities Corp. was the placement agent.

CIFC Asset Management will manage the CLO, which has a two-year non-call period and a four-year reinvestment period.

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

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