By Cristal Cody
Tupelo, Miss., Oct. 22 – AIG Asset Management (EU) CLO LLC priced $508 million of notes due Oct. 25, 2032 in a new broadly syndicated collateralized loan obligation transaction, according to market sources.
AIG CLO 2019-2, Ltd./AIG CLO 2019-2, LLC sold $310 million of class A floating-rate notes at Libor plus 136 basis points, $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 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.
Morgan Stanley & Co. LLC was the placement agent.
AIG Asset Management (EU) CLO, a relying adviser to AIG Asset Management (U.S.) LLC and a subsidiary of American International Group, Inc., will manage the CLO.
The CLO has a two-year non-call period and a five-year reinvestment period.
The notes are collateralized mainly by broadly syndicated first-lien senior secured loans.
AIG has priced two CLOs in the U.S. primary market year to date.
The finance and insurance company is based New York.
| Issuer: | AIG CLO 2019-2, Ltd./AIG CLO 2019-2, LLC
|
| Amount: | $508 million
|
| Maturity: | Oct. 25, 2032
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Morgan Stanley & Co. LLC
|
| Manager: | AIG Asset Management (EU) CLO LLC
|
| Call feature: | Oct. 25, 2021
|
| Pricing date: | Oct. 15
|
| Settlement date: | Nov. 13
|
|
|
| Class A notes
|
| Amount: | $310 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 136 bps
|
| Ratings: | S&P: AAA
|
| Kroll: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $62.6 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-2 notes
|
| Amount: | $7.4 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 3.53%
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $30 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 280 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $30 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 390 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $20 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 725 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $48 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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