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ALM XIV plans to issue $1.29 billion of secured notes via refinancing
By Tali Rackner
Minneapolis, April 10 – ALM XIV, Ltd./ALM XIV, LLC intends to issue $1,284,650,000 in four classes of secured notes via a refinancing, according to a notice from trustee and fiscal agent U.S. Bank NA.
On April 28, ALM XIV will issue $930 million of class A-1-R senior secured floating-rate notes (Aaa/AAA/), $163,225,000 of class A-2-R senior secured floating-rate notes (at least Aa2//), $83,925,000 of class B-R senior secured deferrable floating-rate notes (at least A2//) and $107.5 million of class C-R senior secured deferrable floating-rate notes (at least Baa3//).
Proceeds will be used to redeem all of the outstanding class A-1, A-2, B and C notes. The existing class D notes and preferred shares will remain outstanding.
New York-based Apollo Credit Management (CLO), LLC is the collateral manager.
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