Redding Ridge prices $1.55 billion; CIFC, AXA Investment Managers refinance CLOs

By Cristal Cody

Tupelo, Miss., Jan. 24 – CLO refinancing action remains brisk so far in 2018.

Redding Ridge Asset Management, LLC came with a $1.55 billion repricing of a deal originally sold in 2014 by Apollo Credit Management (CLO) LLC.

Also, CIFC VS Management LLC priced $568.5 million of notes in a second refinancing and reset of a 2014 CLO.

AXA Investment Managers, Inc. sold $350 million of notes in a refinancing of a vintage 2015 transaction.

Nearly $7 billion of vintage CLOs have been refinanced year to date, according to market sources.

Redding Ridge in primary

Redding Ridge Asset Management priced $1,552,350,000 of notes due January 2030 in the firm’s third CLO transaction, a source said.

The RR 3 Ltd./RR 3 LLC CLO sold $916 million of class A-1-R2 floating-rate notes at Libor plus 109 basis points in the senior tranche.

BNP Paribas Securities Corp. was the refinancing placement agent.

The deal is a refinancing and reset of the ALM XIV, Ltd. transaction that was originally priced and managed by Apollo Credit Management (CLO).

The original transaction priced on June 6, 2014. Apollo Credit Management refinanced $1,177,160,000 of notes from the CLO on April 5, 2017.

In 2017, Redding Ridge Asset Management priced two CLOs.

The New York City-based asset management company was established in 2016 by Apollo Global Management, LLC.

CIFC refinances CLO

CIFC VS Management priced $568.5 million of notes in a second refinancing and reset of the CIFC Funding 2014, Ltd./CIFC Funding 2014, LLC broadly syndicated CLO transaction, according to a market source and a notice of executed supplemental indentures.

The CLO priced $369.5 million of class A-1-R2 floating-rate notes at Libor plus 110 bps at the top of the capital structure.

Citigroup Global Markets Inc. arranged the offering.

The maturity on the refinanced notes was extended to January 2031 from the original April 18, 2025 maturity.

The original CLO priced on Feb. 6, 2014.

The CLO was refinanced for the first time on April 18, 2017.

New York City-based investment adviser CIFC VS Management is is a subsidiary of CIFC Corp.

AXA reprices $350 million

AXA Investment Managers priced $350 million of notes due July 2027 in a refinancing of the Allegro CLO III, Ltd./Allegro CLO III LLC offering, according to a notice of executed first supplemental indenture.

Allegro CLO III sold $244 million of class A-R senior secured floating-rate notes at Libor plus 84 bps in the senior tranche.

Morgan Stanley & Co. LLC arranged the refinancing.

The original notes were issued on May 25, 2015.

Greenwich, Conn.-based AXA is an asset management firm and subsidiary of Paris-based AXA Group.

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