Redding Ridge, Partners Group price new deals; CSAM, Apollo refinance vintage 2016 CLOs

By Cristal Cody

Tupelo, Miss., March 11 – Redding Ridge Asset Management, LLC priced $501.5 million of notes in the manager’s second broadly syndicated CLO transaction of 2020.

In other new CLO issuance, Partners Group US Management CLO LLC priced a $409.5 million broadly syndicated CLO.

Meanwhile, Credit Suisse Asset Management, LLC refinanced notes a third time from a 2016 broadly syndicated CLO. The manager priced $450 million of notes in the deal that closed on Tuesday.

Apollo Credit Management (CLO) LLC also priced a $438 million second refinancing of notes from a vintage 2016 CLO.

Refinancing volume totals about $25 billion year to date with a handful of deals expected to print in March, according to market sources.

In other activity, the Loan Syndications & Trading Association announced on Wednesday that it is postponing its 2020 operations conference that was scheduled for April 21 in response to member concerns.

On Wednesday, the World Health Organization classified the coronavirus as a pandemic.

Redding Ridge prices

Redding Ridge Asset Management priced $501.5 million of notes due April 15, 2033 in the new CLO transaction, according to a market source.

RR 8 Ltd./RR 8 LLC sold $300 million of class A-1a senior secured floating-rate notes (Aaa/AAA) at Libor plus 123 basis points at the top of the capital stack.

BNP Paribas Securities Corp. was the placement agent.

The notes are collateralized primarily by broadly syndicated first-lien senior secured loans.

Redding Ridge Asset Management also issued one new CLO in January.

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

Partners Group prices

Partners Group US Management priced $409.5 million of notes due April 20, 2033 in its broadly syndicated CLO offering, according to a market source.

Pikes Peak CLO 5, Ltd. sold $256 million of class A senior secured floating-rate notes at Libor plus 130 bps in the AAA-rated tranche.

Morgan Stanley & Co. LLC was the placement agent.

The deal is backed primarily by broadly syndicated first-lien senior secured corporate loans.

Partners Group US Management priced two new CLOs in 2019.

The global private markets investment management firm has U.S. offices in Denver, New York and Houston.

CSAM brings refinancing

Credit Suisse Asset Management sold $450 million of notes due Jan. 24, 2028 in the refinancing transaction, according to a market source and a notice of executed fourth supplemental indenture on Tuesday.

Madison Park Funding XIX Ltd./Madison Park Funding XIX LLC sold $396 million of class A-1-R2 floating-rate notes (Aaa//AAA) at Libor plus 92 bps at the top of the stack.

MUFG was the refinancing placement agent.

The original $609.75 million offering was issued Dec. 29, 2015 and was partially refinanced on March 2, 2018 and on May 16, 2019.

Credit Suisse Asset Management is a unit of Credit Suisse Group AG.

Apollo sells $438 million

Apollo Credit Management (CLO) priced $438 million of notes due April 15, 2029 in the second refinancing offering, according to a market source.

ALM XIX Ltd./ALM XIX LLC sold $303 million of class A-1a-R2 senior secured floating-rate notes (AAA/AAA) at Libor plus 100 bps in the senior tranche.

Credit Suisse Securities (USA) LLC was the refinancing agent.

The original $473.35 million deal was issued June 16, 2016 and was first refinanced on March 7, 2019.

The subsidiary of Apollo Global Management, LLC is based in New York City.

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