Apollo prices $2.15 billion reissue; GSO/Blackstone refinances CLO; loan outflows rise

By Cristal Cody

Tupelo, Miss., Feb. 28 – CLO refinancing volume got a boost from a $2.15 billion reissue from Apollo Credit Management LLC.

Meanwhile, GSO/Blackstone Debt Funds Management LLC priced $507.38 million of notes in a refinancing of a vintage 2016 CLO.

CLO dollar-denominated volume year to date totals $19.77 billion from 43 new issue and refinanced transactions, according to Prospect News data.

February volume includes $12.97 billion of dollar CLOs priced in 27 offerings.

In other activity, leveraged loan funds continued a sixth straight week of outflows with about $952 million withdrawn for the past week ended Wednesday, Fitch Ratings said in a report on Friday.

In its deal, Apollo Credit Management priced $2,146,250,000 of notes due Oct. 15, 2029 in the reissue, according to market sources.

ALM 2020, Ltd./ALM 2020 LLC sold $1,375,000,000 of class A-1a-1 floating-rate notes at Libor plus 108 basis points at the top of the capital stack.

Separately, GSO/Blackstone Debt Funds Management priced $507,375,000 of notes due April 15, 2029 in a refinancing of the Bristol Park CLO Ltd./Bristol Park CLO LLC transaction, according to a market source and a notice of executed first supplemental indenture on Thursday.

The CLO sold $357.5 million of class A-R senior secured floating-rate notes at Libor plus 99 bps in the AAA-rated tranche.

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