By Cristal Cody
Eureka Springs, Ark., April 21 – American Money Management Corp. priced a $406.15 million collateralized loan obligation offering of notes due May 26, 2028, according to a market source.
AMMC CLO 18, Ltd./AMMC CLO 18 Corp. sold $58 million of class A-L1 senior secured floating-rate notes at Libor plus 157 basis points, $155 million of class A-L2 senior secured floating-rate notes at Libor plus 165 bps and $30 million of 2.93% class A-F senior secured fixed-rate notes.
AMMC CLO 18 priced $59 million of class B senior secured floating-rate notes at Libor plus 260 bps; $24 million of class C secured deferrable floating-rate notes at Libor plus 324 bps; $22 million of class D secured deferrable floating-rate notes at Libor plus 500 bps; $12 million of class E-1 secured deferrable floating-rate notes at Libor plus 667 bps; $8 million of class E-2 secured deferrable floating-rate notes at Libor plus 725 bps and $38.15 million of subordinated notes.
Jefferies LLC arranged the deal.
American Money Management is the CLO manager.
The CLO will have a two-year non-call period and a four-year reinvestment period.
The offering is backed primarily by broadly syndicated first-lien senior secured corporate loans.
Proceeds from the offering will be used to purchase a portfolio of about $400 million of primary senior secured leveraged loans.
American Money Management was last in the primary market on March 31 with a $388.5 million refinancing of a vintage CLO. The firm priced two CLO deals in 2015.
The Cincinnati-based firm is a subsidiary of insurance holding company American Financial Group, Inc.
| Issuer: | AMMC CLO 18, Ltd./AMMC CLO 18 Corp.
|
| Amount: | $406.15 million
|
| Maturity: | May 26, 2028
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Jefferies LLC
|
| Manager: | American Money Management Corp.
|
| Call feature: | Two years
|
| Pricing date: | April 20
|
| Settlement date: | May 26
|
| Distribution: | Rule 144A
|
|
|
| Class A-L1 notes
|
| Amount: | $58 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 157 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-L2 notes
|
| Amount: | $155 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-F notes
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| Amount: | $30 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.93%
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B notes
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| Amount: | $59 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 260 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 324 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class D notes
|
| Amount: | $22 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 500 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class E-1 notes
|
| Amount: | $12 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 667 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Class E-2 notes
|
| Amount: | $8 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 725 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Equity
|
| Amount: | $38.15 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
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