Chicago, Dec. 30 – AIG Credit Management LLC refinanced and extended for $510.2 million the collateralized loan obligation issued by AIG CLO 2019-2, Ltd./AIG CLO 2019-2, LLC, according to a pre-sale report.
The notes will now mature on Oct. 25, 2033.
The refinanced CLO consists of $2.7 million of class X senior secured floating-rate notes at Libor plus 70 basis points, $310 million of class A-R senior secured floating-rate notes at Libor plus 110 bps, $70 million of class B-R senior secured floating-rate notes at Libor plus 160 bps, $30 million of class C-R senior secured deferrable floating-rate notes at Libor plus 200 bps, $30 million of class D-R senior secured deferrable floating-rate notes at Libor plus 305 bps, $19.5 million of class E-R senior secured deferrable floating-rate notes at Libor plus 640 bps and $48 million of subordinated notes.
Originally, the CLO sold $310 million of class A floating-rate notes at Libor plus 136 bps, $62.6 million of class B-1 floating-rate notes at Libor plus 190 bps and $7.4 million of 3.53% class B-2 fixed-rate notes.
The CLO also initially priced $30 million of class C floating-rate notes at Libor plus 280 bps, $30 million of class D floating-rate notes at Libor plus 390 bps, $20 million of class E floating-rate notes at Libor plus 725 bps and $48 million of subordinated notes.
AIG Credit Management LLC will manage the collateral through the end of the reinvestment period on Nov. 17, 2024.
Collateral will consist of syndicated speculative-grade senior secured term loans.
The notes can be called starting Nov. 17, 2022.
Morgan Stanley and Co. LLC was the placement agent.
The finance and insurance company is based New York.
| Issuer: | AIG CLO 2019-2, Ltd./AIG CLO 2019-2, LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $510.2 million
|
| Maturity: | Oct. 25, 2033
|
| Structure: | Cash flow CLO
|
| Placement agent: | Morgan Stanley and Co. LLC
|
| Manager: | AIG Credit Management LLC
|
| Call feature: | Nov. 17, 2022
|
| Settlement date: | Nov. 17
|
|
|
| Class X notes
|
| Amount: | $2.7 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 70 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-R notes
|
| Amount: | $310 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 110 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-R notes
|
| Amount: | $70 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 305 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R notes
|
| Amount: | $19.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 640 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $48 million
|
| Securities: | Subordinated notes
|
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