By Cristal Cody
Tupelo, Miss., June 9 – American Money Management Corp. priced $410.3 million of notes due 2026 in the AMMC CLO XIV, Ltd./AMMC CLO XIV, Corp. transaction, according to market sources on Monday.
The CLO sold $256 million of class A-1L floating-rate notes (//AAA) at Libor plus 145 basis points; $53 million of class A-2L floating-rate notes at Libor plus 205 bps; $23.25 million of class A-3L floating-rate notes at Libor plus 280 bps; $17.25 million of class B-1L floating-rate notes at Libor plus 355 bps; $20 million of class B-2L floating-rate notes at Libor plus 480 bps and $40.8 million of subordinated notes.
RBS Securities Inc. arranged the transaction.
The CLO manager is American Money Management.
The managed cash flow CLO is backed primarily by broadly syndicated first-lien senior secured loans.
The CLO will have a two-year non-call period and a four-year reinvestment period.
Proceeds from the transaction will be used to purchase a portfolio of leveraged loans.
Cincinnati-based American Money Management, a subsidiary of insurance holding company American Financial Group, Inc., priced two CLO deals in 2013.
| Issuer: | AMMC CLO XIV, Ltd./AMMC CLO XIV, Corp.
|
| Amount: | $410.3 million
|
| Maturity: | 2026
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | RBS Securities Inc.
|
| Manager: | American Money Management Corp.
|
| Call feature: | 2016
|
| Pricing date: | June 9
|
| Settlement date: | July 9
|
| Distribution: | Rule 144A
|
|
|
| Class A-1L notes
|
| Amount: | $256 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 145 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class A-2L notes
|
| Amount: | $53 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 205 bps
|
| Rating: | Non-rated
|
|
|
| Class A-3L notes
|
| Amount: | $23.25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 280 bps
|
| Rating: | Non-rated
|
|
|
| Class B-1L notes
|
| Amount: | $17.25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 355 bps
|
| Rating: | Non-rated
|
|
|
| Class B-2L notes
|
| Amount: | $20 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 480 bps
|
| Rating: | Non-rated
|
|
|
| Equity tranche
|
| Amount: | $40.8 million
|
| Securities: | Subordinated notes
|
| Rating: | Non-rated
|
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