Chicago, July 30 – AGL CLO Credit Management LLC refinanced and extended for $801.1 million a collateralized loan obligation with AGL CLO 5 Ltd./AGL CLO 5 LLC as co-issuers, according to a pre-sale report.
The notes will now mature on July 20, 2034.
The CLO consists of $496 million of class A1R senior secured floating-rate notes at Libor plus 116 basis points, $24 million of class A2R senior secured floating-rate notes at Libor plus 140 bps, $88 million of class BR senior secured floating-rate notes at Libor plus 170 bps, $48 million of class CR senior secured deferrable floating-rate notes at Libor plus 200 bps, $48 million of class DR senior secured deferrable floating-rate notes at Libor plus 310 bps, $32 million of class ER senior secured deferrable floating-rate notes at Libor plus 645 bps and $65.1 million of subordinated notes.
Originally, the CLO sold $355.8 million of class A-1 floating-rate notes at Libor plus 205 basis points, $22.2 million of class A-2 floating-rate notes at Libor plus 235 bps and $66 million of class B floating-rate notes at Libor plus 279 bps.
The CLO also originally sold $33 million of class C deferrable floating-rate notes at Libor plus 327 bps, $33 million of class D deferrable floating-rate notes at Libor plus 495 bps, $24.9 million of class E deferrable floating-rate notes at Libor plus 652 bps and $65.1 million of subordinated notes.
AGL CLO Credit Management LLC will manage the collateral through the end of the reinvestment period on July 20, 2026.
The notes can be called starting June 28, 2023.
Mizuho Securities USA LLC was the placement agent.
The New York-based investment firm was founded in 2019 and is a subsidiary of the Abu Dhabi Investment Authority.
| Issuer: | AGL CLO 5 Ltd./AGL CLO 5 LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $801.1 million
|
| Maturity: | July 20, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | Mizuho Securities USA LLC
|
| Manager: | AGL CLO Credit Management LLC
|
| Call feature: | June 28, 2023
|
| Settlement date: | June 28
|
|
|
| Class A1R notes
|
| Amount: | $496 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 116 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A2R notes
|
| Amount: | $24 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 140 bps
|
|
|
| Class BR notes
|
| Amount: | $88 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Rating: | S&P: AA
|
|
|
| Class CR notes
|
| Amount: | $48 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Rating: | S&P: A
|
|
|
| Class DR notes
|
| Amount: | $48 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 310 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class ER notes
|
| Amount: | $32 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 645 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $65.1 million
|
| Securities: | Subordinated notes
|
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