American Money Management preps $357.3 million AMMC 17 CLO offering

By Cristal Cody

Tupelo, Miss., Nov. 10 – American Money Management Corp. plans to price $357.3 million of notes due Nov. 15, 2027 in the AMMC CLO 17, Ltd./AMMC CLO 17, LLC transaction, according to a market source.

The deal includes $225.75 million of class A floating-rate notes (/AAA); $41 million of class B floating-rate notes (/AA); $23.75 million of class C deferrable floating-rate notes (/A); $14 million of class D deferrable floating-rate notes; $17.25 million of class E deferrable floating-rate notes (/BB) and $35.55 million of subordinated notes.

Mitsubishi UFJ Securities (USA) Inc. is the placement agent.

American Money Management will manage the CLO.

The CLO is non-callable until Nov. 15, 2017. The reinvestment period ends Nov. 15, 2019.

The offering is backed primarily by broadly syndicated senior secured loans.

American Money Management has priced one CLO offering year to date.

The Cincinnati-based subsidiary of insurance holding company American Financial Group, Inc. priced two CLO transactions in 2014.

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