By Cristal Cody
Tupelo, Miss., April 27– Allstate Investment Management Co. priced $410.5 million of notes due July 20, 2029 in a new broadly syndicated collateralized loan obligation deal, according to a market source.
Aimco CLO, Series 2017-A/Aimco CLO, Series 2017-A LLC sold $258 million of class A senior secured floating-rate notes at Libor plus 134 basis points; $44 million of class B senior secured floating-rate notes at Libor plus 175 bps; $25 million of class C mezzanine secured deferrable floating-rate notes at Libor plus 255 bps; $22 million of class D mezzanine secured deferrable floating-rate notes at Libor plus 350 bps; $19 million of class E junior secured deferrable floating-rate notes at Libor plus 590 bps; $6 million of class F junior secured deferrable floating-rate notes at Libor plus 685 bps and $36.5 million of subordinated notes.
Morgan Stanley & Co. LLC arranged the deal.
Allstate Investment Management is the CLO manager.
The CLO has a two-year non-call period and a four-year reinvestment period.
The deal is backed primarily by broadly syndicated first lien senior secured corporate loans.
Proceeds will be used to purchase a portfolio of about $400 million of mostly first lien senior secured leveraged loans.
Allstate Investment Management was previously in the CLO primary market in 2015.
The Northbrook, Ill.-based firm is a subsidiary of Allstate Corp.
| Issuer: | Aimco CLO, Series 2017-A/Aimco CLO, Series 2017-A LLC
|
| Amount: | $410.5 million
|
| Maturity: | July 20, 2029
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Morgan Stanley & Co. LLC
|
| Manager: | Allstate Investment Management Co.
|
| Call feature: | Two years
|
| Pricing date: | April 21
|
| Settlement date: | May 30
|
| Distribution: | Rule 144A
|
|
|
| Class A notes
|
| Amount: | $258 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 134 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $44 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Ratings: | Moody’s: Aa2
|
|
|
| Class C notes
|
| Amount: | $25 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 255 bps
|
| Ratings: | Moody’s: A2
|
|
|
| Class D notes
|
| Amount: | $22 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 350 bps
|
| Ratings: | Moody’s: Baa3
|
|
|
| Class E notes
|
| Amount: | $19 million
|
| Securities: | Junior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 590 bps
|
| Ratings: | Moody’s: Ba3
|
|
|
| Class F notes
|
| Amount: | $6 million
|
| Securities: | Junior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 685 bps
|
| Ratings: | Moody’s: B2
|
|
|
| Equity
|
| Amount: | $36.5 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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