Allstate prices $410.5 million CLO, firm’s first deal since 2015; secondary activity light

By Cristal Cody

Tupelo, Miss., April 27 – Allstate Investment Management Co. returned to the CLO primary for the first time since 2015 with a $410.5 million transaction.

The deal included seven tranches across the capital structure.

In other activity, secondary market action has been mostly light over the week. On Wednesday, $77.6 million of high-grade CBO/CDO/CLO issues and $147.07 million of non-investment-grade securities were traded, according to Trace.

Tuesday’s session saw $42.93 million of investment-grade securities and $193.96 million of mezzanine bonds trade in the secondary market.

At the start of the week, $34.4 million of high-grade CBO/CDO/CLO securities and $252.1 million of lower-rated issues were traded.

Allstate prices $410.5 million

Allstate Investment Management priced $410.5 million of notes due July 20, 2029 in its new broadly syndicated CLO, according to a market source.

Aimco CLO, Series 2017-A/Aimco CLO, Series 2017-A LLC sold $258 million of class A senior secured floating-rate notes at Libor plus 134 basis points in the AAA-rated tranche.

Morgan Stanley & Co. LLC arranged the deal.

The deal is backed primarily by broadly syndicated first lien senior secured corporate loans.

Proceeds will be used to purchase a portfolio of about $400 million of mostly first lien senior secured leveraged loans.

Allstate Investment Management was previously in the CLO primary market in 2015.

The Northbrook, Ill.-based firm is a subsidiary of Allstate Corp.

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