Onex, MidCap price new CLOs; Apollo brings second reprint; AXA Managers refinances

By Cristal Cody

Tupelo, Miss., July 2 – Onex Credit Partners, LLC priced about $510 million of notes in 10 tranches in the manager’s second dollar-denominated CLO offering of the year.

In other supply, MidCap Financial Services Capital Management LLC priced $509.1 million of notes in the middle-market CLO Woodmont 2019-6 LP/Woodmont 2019-6 LLC on Wednesday, a source said. Final pricing details were not immediately available.

In the refinancing space, Apollo Credit Management (CLO) LLC priced a $641 million second refinancing of a vintage 2012 CLO.

Also, AXA Investment Managers, Inc. refinanced $414 million of notes from a vintage 2016 CLO deal.

Onex prices $510 million

Onex Credit Partners priced about $510 million of notes in the OCP CLO 2019-17 CLO offering, according to a market source and a news release from parent company Onex Corp. on Tuesday.

Natixis Securities Americas LLC was the placement agent.

Final pricing details were not immediately available.

Onex Credit Partners will manage the CLO, which has a two-year non-call period and a five-year reinvestment period.

The offering included fixed-rate, floating-rate and subordinated notes due July 20, 2032.

The deal is backed primarily by broadly syndicated leveraged loans.

Onex Credit Partners has priced two dollar-denominated CLOs and one euro-denominated deal year to date.

OCP CLO 2019-17 is the company’s 17th U.S. CLO offering.

The private equity firm is based in Toronto.

Apollo resets CLO

Apollo Credit Management (CLO) priced $641 million of notes in a second refinancing of a vintage 2012 CLO transaction, according to a market source and a notice of redemption by refinancing and proposed fourth supplemental indenture on Monday.

ALM VII, Ltd./ALM VII LLC sold $450 million of the class A-1a-R2 senior secured floating-rate loans at Libor plus 117 basis points and $10 million of class A-1b-R2 senior secured floating-rate notes at Libor plus 160 bps.

Citigroup Global Markets Inc. was the refinancing agent.

The maturity on the reset CLO was extended to July 15, 2029 from Oct. 15, 2028.

ALM VII was originally issued on Nov. 8, 2012 and was first refinanced on Sept. 13, 2016.

In the initial $728.92 million refinancing, the CLO priced $436 million of the class A-1R senior secured floating-rate loans at Libor plus 148 bps and $71 million of class A-2R senior secured floating-rate notes at Libor plus 185 bps.

Proceeds will be used to redeem the outstanding notes on July 15.

Apollo has refinanced two vintage CLOs year to date.

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

AXA refinances notes

AXA Investment Managers priced $414 million of notes in a refinancing of a vintage 2016 CLO offering, according to a notice of optional redemption by refinancing and revised proposed supplemental indenture on Monday.

Allegro CLO IV, Ltd./Allegro CLO IV LLC sold $288 million of the class A-R senior secured floating-rate notes (expected ratings Aaa//AAA) at Libor plus 115 bps.

Goldman Sachs & Co. LLC was the refinancing placement agent.

The CLO will have an extended maturity to January 2030 from the original Jan. 15, 2029 maturity.

Allegro CLO IV was originally issued as a $405.5 million offering of notes on Dec. 22, 2016.

The original CLO priced $256 million of the class A floating-rate notes at Libor plus 142 bps.

Proceeds from the refinancing will be used to redeem the original notes on July 15.

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

Allegro has priced one new issue CLO and one refinanced CLO year to date.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.