By Cristal Cody
Tupelo, Miss., Sept. 10 – AGL Credit Management LP priced $501.8 million of notes due July 15, 2031 in a new broadly syndicated collateralized loan obligation offering that closed Thursday, according to market sources.
AGL CLO 7 Ltd./AGL CLO 7 LLC sold $300 million of class A-1 floating-rate notes at Libor plus 180 basis points, $20 million of class A-2 floating-rate notes at Libor plus 205 bps and $60 million of class B floating-rate notes at Libor plus 240 bps.
The CLO also sold $27.5 million of class C deferrable floating-rate notes at Libor plus 295 bps, $27.5 million of class D deferrable floating-rate notes at Libor plus 440 bps, $17 million of class E deferrable floating-rate notes at Libor plus 748 bps and $49.8 million of subordinated notes.
Barclays was the placement agent.
AGL CLO Credit Management LLC will manage the CLO.
The CLO has a one-year non-call period and a three-year reinvestment period.
The offering is collateralized primarily by broadly syndicated first-lien senior secured corporate loans.
AGL has issued five 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 7 Ltd./AGL CLO 7 LLC
|
| Amount: | $501.8 million
|
| Maturity: | July 15, 2031
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays
|
| Manager: | AGL CLO Credit Management LLC
|
| Call feature: | One year
|
| Pricing date: | Aug. 10
|
| Settlement date: | Sept. 10
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class A-1 notes
|
| Amount: | $300 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 180 bps
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $20 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 205 bps
|
| Ratings: | S&P: Non-rated
|
| Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $60 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 240 bps
|
| Ratings: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $27.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 240 bps
|
| Ratings: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $27.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 440 bps
|
| Ratings: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $17 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 748 bps
|
| Ratings: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $49.8 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
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