Chicago, Dec. 17 – Allstate Investment Management Co. refinanced and extended for $600.44 million the collateralized loan obligation issued by Aimco CLO 11 Ltd./Aimco CLO 11 LLC, according to a pre-sale report.
The notes will mature on Oct. 17, 2034.
The refinanced CLO consists of $384 million of class A-R senior secured floating-rate notes at Libor plus 113 basis points, $72 million of class B-R senior secured floating-rate notes at Libor plus 160 bps, $36 million of class C-R senior secured deferrable floating-rate notes at Libor plus 200 bps, $36 million of class D-R senior secured deferrable floating-rate notes at Libor plus 300 bps, $24 million of class E-R senior secured deferrable floating-rate notes at Libor plus 620 bps and $48.44 million of subordinated notes.
Originally, the CLO sold $288 million of class A floating-rate notes at Libor plus 138 bps; $54 million of class B floating-rate notes at Libor plus 180 bps; $29.25 million of class C deferrable floating-rate notes at Libor plus 240 bps; $24.75 million of class D deferrable floating-rate notes at Libor plus 365 bps; $13.5 million of class E deferrable floating-rate notes at Libor plus 725 bps and $39.05 million of subordinated notes.
Allstate Investment Management Co. will manage the collateral through the end of the reinvestment period on Oct. 17, 2026.
The collateral pool consists mostly of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting Oct. 17, 2023.
J.P. Morgan Securities LLC was the placement agent.
Allstate Investment Management is a Northbrook, Ill.-based investment firm and subsidiary of Allstate Corp.
| Issuer: | Aimco CLO 11 Ltd./Aimco CLO 11 LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $600.44 million
|
| Maturity: | Oct. 17, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities LLC
|
| Manager: | Allstate Investment Management Co.
|
| Call feature: | Oct. 17, 2023
|
| Settlement date: | Nov. 8
|
|
|
| Class A-R notes
|
| Amount: | $384 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 113 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-R notes
|
| Amount: | $72 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $36 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | $36 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 300 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 620 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $48.44 million
|
| Securities: | Subordinated notes
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
