By Cristal Cody
Tupelo, Miss., July 9 – AXA Investment Managers, Inc. priced $409.7 million of notes due July 15, 2031 in a new collateralized loan obligation offering, according to a market source on Monday.
Allegro CLO VIII, Ltd./Allegro CLO VIII LLC sold $260 million of class A floating-rate notes at Libor plus 110 basis points; $30 million of class B-1 floating-rate notes at Libor plus 167 bps; $10.8 million of 4.51% class B-2 fixed-rate notes; $20.6 million of class C floating-rate notes at Libor plus 215 bps; $27 million of class D floating-rate notes at Libor plus 310 bps; $19.6 million of class E floating-rate notes at Libor plus 590 bps and $41.7 million of subordinated notes.
Barclays was the placement agent.
The CLO has a two-year non-call period and a five-year reinvestment period.
The deal is backed primarily by broadly syndicated first-lien senior secured loans.
AXA Investment Managers has brought three new CLOs and one CLO refinancing to the primary market year to date.
Greenwich, Conn.-based AXA is an asset management firm and subsidiary of Paris-based AXA Group.
| Issuer: | Allegro CLO VIII, Ltd./Allegro CLO VIII LLC
|
| Amount: | $409.7 million
|
| Maturity: | July 15, 2031
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays
|
| Manager: | AXA Investment Managers, Inc.
|
| Call feature: | Two years
|
| Settlement date: | Aug. 3
|
|
|
| Class A notes
|
| Amount: | $260 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 110 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $30 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 167 bps
|
| Rating: | Non-rated
|
|
|
| Class B-2 notes
|
| Amount: | $10.8 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 4.51%
|
| Ratings: | Non-rated
|
|
|
| Class C notes
|
| Amount: | $20.6 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 215 bps
|
| Ratings: | Non-rated
|
|
|
| Class D notes
|
| Amount: | $27 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 310 bps
|
| Ratings: | Non-rated
|
|
|
| Class E notes
|
| Amount: | $19.6 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 590 bps
|
| Ratings: | Non-rated
|
|
|
| Equity
|
| Amount: | $41.7 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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