CELF refinances 2015 euro CLO; Seix to price $460 million; Apollo plans refinancing

By Cristal Cody

Tupelo, Miss., Feb. 18 – CELF Advisors LLP priced €421.1 million of notes in a second refinancing of a vintage 2015 euro-denominated CLO offering in February.

In the dollar-denominated market, Seix Investment Advisors LLC plans to price $460 million of notes in a refinancing of a vintage 2016 CLO.

Also, Apollo Credit Management (CLO) LLC expects to return to the market to price a second refinancing of notes from a vintage 2016 CLO.

CELF prices CLO

CELF Advisors priced €421.1 million of notes in a second refinancing of the ALM XIX Ltd./ALM XIX LLC offering, according to a market source and a notice to noteholders.

Carlyle Global Market Strategies Euro CLO 2015-1 sold €279.1 million of class A-1-R senior secured floating-rate notes at par to yield Euribor plus 96 basis points at the top of the capital stack.

Natixis SA was the refinancing agent.

The maturity on the notes was extended to Jan. 16, 2033 from April 16, 2029.

In the original offering issued March 12, 2015, the CLO sold €273.5 million of class A-1A floating-rate notes at Euribor plus 125 bps.

The CLO was first refinanced on April 18, 2017 in a €400.6 million offering. In that deal, the CLO sold €273.5 million of class A-1A-R senior secured floating-rate notes at par to yield Euribor plus 78 bps.

The CLO is collateralized primarily by euro-denominated broadly syndicated senior secured loans and bonds.

The London-based CLO manager is part of Washington, D.C.-based Carlyle Group LP.

Seix plans refinancing

Seix Investment Advisors intends to price $460 million of notes in a refinancing of a vintage 2016 CLO deal, according to a notice of proposed supplemental indenture on Friday.

The Mountain View CLO 2017-1, Ltd./Mountain View CLO 2017-1, Corp. offering includes $320 million of class A-R senior floating-rate notes; $60 million of class B-R senior floating-rate notes; $30 million of class C-R mezzanine deferrable floating-rate notes; $25 million of class D-R mezzanine deferrable floating-rate notes and $25 million of class E-R junior deferrable floating-rate notes.

The original transaction was issued on Aug. 10, 2017.

The investment management company and affiliated manager of Virtus Investment Partners is based in Park Ridge, N.J.

Apollo to refinance

Apollo Credit Management plans to price a second refinancing of notes from the ALM XIX Ltd./ALM XIX LLC deal, according to a notice of proposed second supplemental indenture on Friday.

The offering includes class A-1a-R2 senior secured floating-rate notes (expected ratings AAA/AAA), class A-1b-R2 senior secured floating-rate notes (expected ratings (/none/AAA), class A-2a-R2 senior secured floating-rate notes (expected rating AA), class A-2b-R2 senior secured floating-rate notes (expected rating AA), class B-R2 senior secured deferrable floating-rate notes (expected rating A), class C-R2 senior secured deferrable floating-rate notes (expected rating BBB-) and class D-R2 secured deferrable floating-rate notes (expected rating BB-).

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

The notes are due April 15, 2029.

The original $473.35 million CLO was issued June 16, 2016 and was first refinanced in a $439 million offering on March 7, 2019.

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

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