Preliminary Ratings Assigned To Six Classes From ALM X Ltd./ALM X LLC In Connection With Proposed Refinancing

Stocks and Financial Services Press Releases Friday July 14, 2017 09:20
NEW YORK--14 Jul--S&P Global Ratings

NEW YORK (S&P Global Ratings) July 13, 2017--S&P Global Ratings today assigned its preliminary ratings to the class A-X, A-1-R, A-2-R, B-R, C-R, and D-R replacement notes from ALM X Ltd./ALM X LLC, a collateralized loan obligation (CLO) originally issued in 2014 managed by Apollo Credit Management (CLO) LLC.

The refinanced transaction is expected to be managed by Redding Ridge Asset Management LLC. Redding Ridge is a capitalized management vehicle (CMV) established by Apollo Global Management in 2016 to comply with U.S. and Europe risk retention rules.

The preliminary ratings are based on information as of July 13, 2017. Subsequent information may result in the assignment of final ratings that differ from the preliminary ratings. On the Aug. 3, 2017, refinancing date, the proceeds from the issuance of the replacement notes are expected to redeem the original notes. At that time, we anticipate withdrawing the ratings on the original notes and assigning ratings to the replacement notes.

However, if the refinancing doesn't occur, we may affirm the ratings on the original notes and withdraw our preliminary ratings on the replacement notes. Based on provisions of the conformed indenture: The transaction will issue additional class A-X notes.The replacement class A-1-R, A-2-R, and B-R notes are expected to be issued at a lower spread than the original notes.

The stated maturity, reinvestment period, and weighted average life test date will be extended approximately 4.5 years.Additional subordinated notes will be issued, and the original class E notes will be removed from the transaction.Through an assignment agreement, Redding Ridge Asset Management LLC will assume the rights and obligations of the collateral manager from Apollo Credit Management (CLO) LLC.

Certain concentration limit terms, the administrative expense cap, senior management fee, and subordinated management fee are being amended.
The transaction is adding the option to use the non-model version of Standard & Poor's CDO Monitor as an alternative to the model-based approach.

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