American Money Management to refinance three notes from AMMC CLO XIV

By Cady Vishniac

Detroit, Jan. 22 – American Money Management Corp. will redeem the class A1L-R, class A2L-R and class A3L-R notes in its AMMC CLO XIV, Ltd./AMMC CLO XIV, Corp. offering on Monday, according to a market notice.

The CLO will be issuing class A1-R2 senior secured floating-rate notes, class A2-R2 senior secured floating-rate notes and class A3-R2 senior secured deferrable floating-rate notes on the same date as the redemption.

The CLO informed noteholders in December that it was in discussions regarding the redemption of one or more classes of secured notes using proceeds from the sale of replacement notes.

The new notes will extend the non-call period, include benchmark fallback provisions and will change the definition of the “Adjusted Weighted Average Moody’s Rating Factor.”

The CLO was previously refinanced in 2017.

The Cincinnati-based firm is a subsidiary of insurance holding company American Financial Group, Inc.

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