By Cristal Cody
Tupelo, Miss., May 15 – Allstate Investment Management Co. priced $483.45 million of notes due July 20, 2026 in a refinancing of a vintage 2014 broadly syndicated collateralized loan obligation deal, according to a notice to holders.
Aimco CLO, Series 2014-A/Aimco CLO, Series 2014-A LLC sold $343.75 million of class A-1-R senior secured floating-rate notes at Libor plus 110 basis points; $66.3 million of class B-1-R senior secured floating-rate notes at Libor plus 160 bps; $3 million of 3.49% class B-2-R senior secured fixed-rate notes; $30 million of class C-1-R senior secured deferrable floating-rate notes at Libor plus 225 bps; $12.35 million of 4.21% class C-2-R senior secured deferrable fixed-rate notes and $28.05 million of class D-R senior secured deferrable floating-rate notes at Libor plus 325 bps.
Deutsche Bank Securities Inc. was the refinancing agent.
Allstate Investment Management will remain the CLO manager.
In the original transaction priced in May 2014, the CLO sold $343.75 million of class A floating-rate notes at Libor plus 154 bps; $66.3 million of class B-1 floating-rate notes at Libor plus 200 bps; $3 million of 4.58% class B-2 fixed-rate notes; $30 million of class C-1 floating-rate notes at Libor plus 285 bps; $12.35 million of 5.53% class C-2 fixed-rate notes; $28.05 million of class D floating-rate notes at Libor plus 355 bps; $24.2 million of class E floating-rate notes at Libor plus 460 bps; $11.55 million of class F floating-rate notes at Libor plus 525 bps and $50.8 million of subordinated notes.
Proceeds will be used to redeem the original notes on May 19.
Allstate Investment Management has priced one new CLO and refinanced one vintage CLO year to date. The CLO manager previously was in the primary market in 2015.
The Northbrook, Ill.-based firm is a subsidiary of Allstate Corp.
| Issuer: | Aimco CLO, Series 2014A/Aimco CLO, Series 2014-A LLC
|
| Amount: | $483.45 million refinancing
|
| Maturity: | July 20, 2026
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Deutsche Bank Securities Inc.
|
| Manager: | Allstate Investment Management Co.
|
| Settlement date: | May 19
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class A-1-R notes
|
| Amount: | $343.75 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 110 bps
|
|
|
| Class B-1-R notes
|
| Amount: | $66.3 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
|
|
| Class B-2-R notes
|
| Amount: | $3 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 3.49%
|
|
|
| Class C-1-R notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 225 bps
|
|
|
| Class C-2-R notes
|
| Amount: | $12.35 million
|
| Securities: | Senior secured deferrable fixed-rate notes
|
| Coupon: | 4.21%
|
|
|
| Class D-R notes
|
| Amount: | $28.05 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 325 bps
|
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