By Cristal Cody
Eureka Springs, Ark., Dec. 14 – Apollo Management International LLP refinanced €337.4 million of notes from a vintage 2014 euro-denominated collateralized loan obligation transaction, according to a market source.
ALME Loan Funding II DAC priced €1.5 million of class X-R senior secured floating-rate notes at Euribor plus 85 basis points; €224 million of class A-R senior secured floating-rate notes at Euribor plus 100 bps; €50.7 million of class B-R senior secured floating-rate notes at Euribor plus 160 bps; €20.4 million of class C-R senior secured deferrable floating-rate notes at Euribor plus 235 bps; €19.2 million of class D-R senior secured deferrable floating-rate notes at Euribor plus 365 bps and €21.6 million of class E-R senior secured deferrable floating-rate notes at Euribor plus 623 bps.
The maturity on the refinanced notes was extended to Jan. 15, 2030 from the original Jan. 15, 2027 due date.
J.P. Morgan Securities plc was the refinancing agent.
Apollo Management International is the CLO manager.
The transaction is predominantly backed by senior secured obligations.
Proceeds from the refinancing will be used to redeem the original tranches.
The London-based investment firm has priced one new euro-denominated CLO and refinanced one CLO transaction year to date.
| Issuer: | ALME Loan Funding II DAC
|
| Amount: | €337.4 million
|
| Maturity: | Jan. 15, 2030
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities plc
|
| Manager: | Apollo Management International LLP
|
| Pricing date: | Dec. 2
|
|
|
| Class X-R notes
|
| Amount: | €1.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 85 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-R notes
|
| Amount: | €224 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 100 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B-R notes
|
| Amount: | €50.7 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 160 bps
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class C-R notes
|
| Amount: | €20.4 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 235 bps
|
| Ratings: | Moody’s: A2
|
| Fitch: A
|
|
|
| Class D-R notes
|
| Amount: | €19.2 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 365 bps
|
| Ratings: | Moody’s: Baa2
|
| Fitch: BBB
|
|
|
| Class E-R notes
|
| Amount: | €21.6 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 623 bps
|
| Ratings: | Moody’s: Ba2
|
| Fitch: BB
|
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