Chicago, April 22 – Clover Credit Management LLC refinanced for the second time the $611.75 million collateralized loan obligation issued by Clover CLO 2018-1 LLC (formerly called AIG CLO 2018-1 Ltd./AIG CLO 2018-1 LLC), according to a presale report.
The notes will mature on April 20, 2037.
The refinanced CLO consists of $2 million of class X-R senior secured floating-rate notes at SOFR plus 105 basis points, $372 million of class A-1-RR senior secured floating-rate notes at SOFR plus 153 bps, $30 million of class A-2-RR senior secured floating-rate notes at SOFR plus 173 bps, $44 million of class B-1-RR senior secured floating-rate notes at SOFR plus 195 bps, $10 million of class B-2-RR 5.99% senior secured fixed-rate notes, $36 million of class C-RR senior secured deferrable floating-rate notes at SOFR plus 245 bps, $36 million of class D-1-RR senior secured deferrable floating-rate notes at SOFR plus 345 bps, $4.5 million of class D-2-RR senior secured deferrable floating-rate notes at SOFR plus 500 bps, $18.3 million of class E-RR senior secured deferrable floating-rate notes at SOFR plus 640 bps and $58.95 million of subordinated notes.
Clover Credit Management LLC will manage the collateral through the end of the reinvestment period on April 20, 2029.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting April 20, 2026.
RBC Capital Markets LLC was the placement agent.
In the first refinancing, the deal had $5 million of class X senior secured floating-rate notes at Libor plus 75 bps, $302.4 million of class A-1R senior secured floating-rate notes at Libor plus 112 bps, $14.9 million of class A-2R senior secured floating-rate notes at Libor plus 135 bps, $59.4 million of class B-R senior secured floating-rate notes at Libor plus 170 bps and $29.75 million of class C-R senior secured floating-rate notes at Libor plus 205 bps.
Lower, there were $29.75 million of class D-R senior secured deferrable floating-rate notes at Libor plus 310 bps and$18.6 million of class E-R senior secured deferrable floating-rate notes at Libor plus 660 bps.
There were also $46.15 million of subordinated notes.
AIG is a New York-based asset management firm.
| Issuer: | Clover CLO 2018-1 LLC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $611.75 million
|
| Maturity: | April 20, 2037
|
| Structure: | Cash flow CLO
|
| Placement agent: | RBC Capital Markets LLC
|
| Manager: | Clover Credit Management LLC
|
| Call feature: | April 20, 2026
|
| Pricing date: | April 18
|
| Settlement date: | April 22
|
|
|
| Class X-R notes
|
| Amount: | $2 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 105 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1-RR notes
|
| Amount: | $372 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 153 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2-RR notes
|
| Amount: | $30 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 173 bps
|
|
|
| Class B-1-RR notes
|
| Amount: | $44 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 195 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-2-RR notes
|
| Amount: | $10 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 5.99%
|
| Rating: | S&P: AA
|
|
|
| Class C-RR notes
|
| Amount: | $36 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 245 bps
|
| Rating: | S&P: A
|
|
|
| Class D-1-RR notes
|
| Amount: | $36 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 345 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class D-2-RR notes
|
| Amount: | $4.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 500 bps
|
|
|
| Class E-RR notes
|
| Amount: | $18.3 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 640 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $58.95 million
|
| Securities: | Subordinated notes
|
|
|
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