By Cristal Cody
Tupelo, Miss., Oct. 20 – AGL Credit Management LP priced $550 million of notes due Oct. 20, 2031 in a new broadly syndicated collateralized loan obligation transaction, according to market sources.
AGL CLO 8 Ltd./AGL CLO 8 LLC sold $316 million of class A-1 senior secured floating-rate notes at Libor plus 150 basis points, $25 million of 1.81% class A-2 senior secured fixed-rate notes, $27.5 million of class B senior secured floating-rate notes at Libor plus 165 bps and $181.5 million of subordinated notes.
Mizuho Securities USA LLC was the placement agent.
AGL Core Fund Vintage 2019-1, LP will manage the CLO.
The CLO is collateralized primarily by broadly syndicated first-lien senior secured corporate loans.
AGL Credit Management has issued six new CLOs year to date.
The New York-based investment firm was founded in 2019 and is a subsidiary of the Abu Dhabi Investment Authority.
| Issuer: | AGL CLO 8 Ltd./AGL CLO 8 LLC
|
| Amount: | $550 million
|
| Maturity: | Oct. 20, 2031
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Mizuho Securities USA LLC
|
| Manager: | AGL Core Fund Vintage 2019-1, LP
|
| Settlement date: | Oct. 19
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class A-1 notes
|
| Amount: | $316 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 150 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-2 notes
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| Amount: | $25 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 1.81%
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B notes
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| Amount: | $27.5 million
|
| Securities: | Senior secured floating-rate notes
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| Coupon: | Libor plus 165 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: Non-rated
|
|
|
| Equity
|
| Amount: | $181.5 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
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