JPMorgan has revised an Apollo Management-managed CLO it is marketing, according to sources.

The bank added a $10 million double-B-rated tranche to the vehicle, reduced the triple-A-rated tranche by $1.75 million, and increased the triple-B-rated tranche by $4 million.


The CLO, which has a target size of $400 million, now consists of a $262 million triple-A-rated tranche; a $20.5 million double-A-rated tranche; a $25.75 million single-A-rated tranche; a $14 million triple-B-rated tranche; a $10 million double-B-rated tranche; and a $25.75 million single-B-rated tranche.

There will also be a layer of subordinated notes funded through Apollo Credit.

Price talk on the triple-A-rated tranche is at Libor plus 175 basis points, and talk on the double-A-rated tranche is at Libor plus 300 basis points to Libor plus 325 basis points. The single-A-rated tranche is being talked at Libor plus 400 basis points to Libor plus 425 basis points, and the triple-B-rated tranche and the double-B-rated tranche are being talked around Libor plus 600  basis points and Libor plus 725 basis points, respectively.

JPMorgan is expected to price the CLO the week of Nov. 8 and close the deal in December.

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