Chicago, Jan. 26 – American Money Management Corp. priced $320 million of notes due July 25, 2029 in a refinancing of a vintage collateralized loan obligation offering, according to market sources.
AMMC CLO XIV, Ltd./AMMC CLO XIV Corp. sold $250 million of class A1-R2 senior secured floating-rate notes at Libor plus 102 basis points.
The refinancing transaction also includes $50 million of class A2-R2 senior secured floating-rate notes at Libor plus 140 bps and $20 million of class A3-R2 senior secured deferrable floating-rate notes at Libor plus 200 bps.
The original transaction closed on July 11, 2014 and included three other classes of secured notes and one class of subordinated notes which will remain outstanding.
American Money Management will continue to manage the transaction during the remaining part of the reinvestment period.
The non-call period is being extended, alternative benchmark provisions have been included and there have been changes to the definition of “Adjusted Weighted Average Moody’s Rating Factor.”
The CLO is backed primarily by broadly syndicated senior secured corporate loans.
American Money Management is a Cincinnati-based firm and subsidiary of insurance holding company American Financial Group, Inc.
| Issuer: | AMMC CLO XIV, Ltd./AMMC CLO XIV Corp.
|
| Amount: | $320 million refinancing
|
| Maturity: | July 25, 2029
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Manager: | American Money Management Corp.
|
| Announcement date: | Jan. 25
|
|
|
| Class A1-R2
|
| Amount: | $250 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 102 basis points
|
| Rating: | Moody’s: Aaa
|
|
|
| Class A2-R2
|
| Amount: | $50 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 140 bps
|
| Rating: | Moody’s: Aa1
|
|
|
| Class A3-R2
|
| Amount: | $20 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Rating: | Moody’s: A1
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
