By Cristal Cody
Eureka Springs, Ark., Oct. 12 – American Money Management Corp. priced $459.86 million of notes due Oct. 15, 2028 in a collateralized loan obligation offering, according to a market source.
AMMC CLO 19, Ltd./AMMC CLO 19 Corp. sold $288 million of class A floating-rate notes at Libor plus 150 basis points, $52.88 million of class B floating-rate notes at Libor plus 190 bps; $30.38 million of class C floating-rate notes at Libor plus 280 bps; $22.5 million of class D floating-rate notes at Libor plus 375 bps; $20.25 million of class E floating-rate notes at Libor plus 700 bps and $45.85 million of subordinated notes.
MUFG arranged the deal.
American Money Management is the CLO manager.
The CLO has a two-year non-call period and a four-year reinvestment period.
The offering is backed primarily by broadly syndicated senior secured corporate loans.
American Money Management has priced two new CLOs and refinanced one vintage transaction year to date.
The firm priced two CLO deals in 2015.
The Cincinnati-based firm is a subsidiary of insurance holding company American Financial Group, Inc.
| Issuer: | AMMC CLO 19, Ltd./AMMC CLO 19 Corp.
|
| Amount: | $459.86 million
|
| Maturity: | Oct. 15, 2028
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | MUFG
|
| Manager: | American Money Management Corp.
|
| Call feature: | Two years
|
| Pricing date: | Oct. 7
|
|
|
| Class A notes
|
| Amount: | $288 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 150 bps
|
| Ratings: | Moody’s: Aaa expected
|
| S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $52.88 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $30.38 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 280 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $22.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 375 bps
|
| Rating: | S&P: BBB
|
|
|
| Class E notes
|
| Amount: | $20.25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 700 bps
|
| Rating: | S&P: BB
|
|
|
| Equity
|
| Amount: | $45.85 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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