By Cristal Cody
Tupelo, Miss., Oct. 26 – American Money Management Corp. priced a $302.64 million broadly syndicated collateralized loan obligation offering, according to market sources.
AMMC CLO 23, Ltd./AMMC CLO 23 LLC sold $148 million of class A-1-L floating-rate notes at Libor plus 140 basis points, $32 million of 1.74% class A-1-F fixed-rate notes and $15 million of class A-2 floating-rate notes at Libor plus 165 bps.
The CLO sold $26.5 million of class B-L floating-rate notes at Libor plus 180 bps and $6.5 million of 2.3% class B-F fixed-rate notes.
AMMC CLO 23 also priced $18 million of class C deferrable floating-rate notes at Libor plus 265 bps, $13.5 million of class D-1 deferrable floating-rate notes at Libor plus 415 bps, $4.5 million of class D-2 deferrable floating-rate notes at Libor plus 562 bps, $7.5 million of class E deferrable floating-rate notes at Libor plus 825 bps and $31.14 million of subordinated notes.
SG Americas Securities LLC was the placement agent.
The notes are due Oct. 17, 2031.
The CLO has a one-year non-call period and a three-year reinvestment period.
The offering is backed primarily by broadly syndicated senior secured corporate loans.
American Money Management is a Cincinnati-based firm and subsidiary of insurance holding company American Financial Group, Inc.
| Issuer: | AMMC CLO 23, Ltd./AMMC CLO 23 LLC
|
| Amount: | $302.64 million
|
| Maturity: | Oct. 17, 2031
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | SG Americas Securities LLC
|
| Manager: | American Money Management Corp.
|
| Call feature: | One year
|
| Settlement date: | Nov. 12
|
|
|
| Class A-1-L notes
|
| Amount: | $148 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 140 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class A-1-F notes
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| Amount: | $32 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 1.74%
|
| Ratings: | S&P: AAA
|
|
|
| Class A-2 notes
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| Amount: | $15 million
|
| Securities: | Floating-rate notes
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| Coupon: | Libor plus 165 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class B-L notes
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| Amount: | $26.5 million
|
| Securities: | Floating-rate notes
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| Coupon: | Libor plus 180 bps
|
| Ratings: | S&P: AA
|
|
|
| Class B-F notes
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| Amount: | $6.5 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 2.3%
|
| Ratings: | S&P: AA
|
|
|
| Class C notes
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| Amount: | $18 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 265 bps
|
| Ratings: | S&P: A
|
|
|
| Class D-1 notes
|
| Amount: | $13.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 415 bps
|
| Ratings: | S&P: BBB
|
|
|
| Class D-2 notes
|
| Amount: | $4.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 562 bps
|
| Ratings: | S&P: BBB-
|
|
|
| Class E notes
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| Amount: | $7.5 million
|
| Securities: | Deferrable floating-rate notes
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| Coupon: | Libor plus 825 bps
|
| Ratings: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $31.14 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
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