By Cristal Cody
Eureka Springs, Ark., Nov. 30 – AXA Investment Managers, Inc. priced $405.5 million of notes due Dec. 20, 2028 in a new collateralized loan obligation offering, according to a market source.
Allegro CLO IV, Ltd./Allegro CLO IV LLC sold $256 million of class A floating-rate notes at Libor plus 142 basis points; $46.8 million of class B floating-rate notes at Libor plus 200 bps; $22 million of class C floating-rate notes at Libor plus 260 bps; $24 million of class D floating-rate notes at Libor plus 395 bps; $19.2 million of class E floating-rate notes at Libor plus 750 bps and $37.5 million of subordinated notes.
Goldman Sachs & Co. arranged the offering.
The CLO will have a two-year non-call period and a four-year reinvestment period.
Proceeds will be used to purchase a portfolio of about $400 million of mostly senior secured leveraged loans.
The deal is backed primarily by broadly syndicated first-lien senior secured loans.
The asset management firm, a subsidiary of Paris-based AXA Group, brought one CLO deal in 2014.
| Issuer: | Allegro CLO IV, Ltd./Allegro CLO IV LLC
|
| Amount: | $405.5 million
|
| Maturity: | Dec. 20, 2028
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Goldman Sachs & Co.
|
| Manager: | AXA Investment Managers, Inc.
|
| Call feature: | Two years
|
| Settlement date: | Dec. 20
|
| Distribution: | Rule 144A
|
|
|
| Class A notes
|
| Amount: | $256 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 142 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $46.8 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Ratings: | Non-rated
|
|
|
| Class C notes
|
| Amount: | $22 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 260 bps
|
| Ratings: | Non-rated
|
|
|
| Class D notes
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| Amount: | $24 million
|
| Securities: | Senior deferrable floating-rate notes
|
| Coupon: | Libor plus 395 bps
|
| Ratings: | Non-rated
|
|
|
| Class E notes
|
| Amount: | $19.2 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 750 bps
|
| Ratings: | Non-rated
|
|
|
| Equity
|
| Amount: | $37.5 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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