By Cristal Cody
Tupelo, Miss., May 14 – AIG Asset Management (US) LLC priced $332.75 million of notes due May 22, 2029 in a new broadly syndicated collateralized loan obligation transaction, according to market sources.
AIG CLO 2020-1, Ltd./AIG CLO 2020-1, LLC sold $210 million of class A floating-rate notes at Libor plus 205 basis points, $51 million of class B floating-rate notes at Libor plus 263 bps, $17.75 million of class C deferrable floating-rate notes at Libor plus 354 bps, $20 million of class D deferrable floating-rate notes at Libor plus 538 bps, $12 million of class E deferrable floating-rate notes at Libor plus 781 bps, $6.5 million of class F deferrable floating-rate notes at Libor plus 880 bps and $15.5 million of subordinated notes.
Natixis Securities Americas LLC was the placement agent.
The CLO has a one-year non-call period and a one-year reinvestment period.
The notes are collateralized mainly by broadly syndicated first-lien senior secured loans.
AIG is a New York-based asset management firm.
| Issuer: | AIG CLO 2020-1, Ltd./AIG CLO 2020-1, LLC
|
| Amount: | $332.75 million
|
| Maturity: | May 22, 2029
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Natixis Securities Americas LLC
|
| Manager: | AIG Asset Management (US) LLC
|
| Call feature: | One year
|
| Pricing date: | May 8
|
| Settlement date: | May 22
|
|
|
| Class A notes
|
| Amount: | $210 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 205 bps
|
| Ratings: | S&P: AAA
|
| Kroll: AAA
|
|
|
| Class B notes
|
| Amount: | $51 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 263 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $17.75 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 354 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $20 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 538 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $12 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 781 bps
|
| Rating: | S&P: BB-
|
|
|
| Class F notes
|
| Amount: | $6.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 880 bps
|
| Ratings: | Non-rated
|
|
|
| Equity
|
| Amount: | $15.5 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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