New York, July 27 – AIG Credit Management LLC refinanced its $358.10 million AIG CLO 2020-1, LLC collateralized loan obligation due April 15, 2034, according to a pre-sale report.
The refinancing extends the maturity of the existing CLO by five years and in addition to replacing the existing notes adds a new $100 million tranche of class A-L notes which will be used to fund the purchase of additional collateral. The original class F notes and class I and class II exchangeable secured notes are being redeemed without replacement.
Securities issued by the CLO include $123 million of class A-R notes at Libor plus 116 basis points, $100 million of class A-L notes, also at Libor plus 116 bps and $46 million of class B-R notes at Libor plus 170 bps.
The CLO also sold $21.3 million of deferrable class C-R notes at Libor plus 200 bps, $20.7 million of deferrable class D-R notes at Libor plus 300 bps, $13 million of deferrable class E-R notes at Libor plus 630 bps and $35.3 million of subordinated notes.
The notes are callable starting April 15, 2023.
The reinvestment period ends in April 2026.
AIG Credit Management is managing the collateral for the notes which will be primarily made of speculative-grade senior secured loans and eligible investments.
Natixis Securities Americas LLC is the underwriter.
AIG is a New York-based asset management firm.
| Issuer: | AIG CLO 2020-1 LLC
|
| Issue: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Amount: | $358.10 million
|
| Maturity: | April 15, 2034
|
| Agent: | Natixis Securities Americas LLC
|
| Manager: | AIG Credit Management LLC
|
| Call: | From April 15, 2023
|
| Settlement date: | June 24
|
|
|
| Class A-R notes
|
| Amount: | $123 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 116 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-L notes
|
| Amount: | $100 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 116 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-R notes
|
| Amount: | $46 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $21.3 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | $20.7 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 300 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R notes
|
| Amount: | $13 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 630 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $35.3 million
|
| Securities: | Subordinated notes
|
|
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