Chicago, April 29 – American Money Management Corp. refinanced for $323.94 million the collateralized loan obligation issued by AMMC CLO 23 Ltd./AMMC CLO 23 LLC, according to a presale report.
The transaction will mature on April 17, 2035.
The CLO consists of $198.4 million of class A-1-R2 senior secured floating-rate notes at SOFR plus 142 basis points, $12.8 million of class A-2-R2 senior secured floating-rate notes at SOFR plus 165 basis points, $32 million of class B-R2 senior secured floating-rate notes at SOFR plus 205 basis points, $19.2 million of class C-R2 senior secured deferrable floating-rate notes at SOFR plus 240 basis points, $16 million of class D-1-R2 senior secured deferrable floating-rate notes at SOFR plus 370 basis points, $6.4 million of class D-2-R2 senior secured deferrable floating-rate notes at SOFR plus 550 basis points, $8 million of class E-R2 senior secured deferrable floating-rate notes at SOFR plus 655 basis points and $31.14 million of subordinated notes.
American Money Management Corp. will manage the collateral through the end of the reinvestment period on April 17, 2026.
Collateral consists of broadly syndicated speculative-grade leveraged loans.
The CLO can be called starting April 17, 2025.
SMBC Nikko Securities Americas Inc. was the placement agent.
Initially, the CLO had $148 million of class A-1-L floating-rate notes at Libor plus 140 bps, $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 also had $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 initially had $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.
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
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $323.94 million
|
| Maturity: | April 17, 2035
|
| Structure: | Cash flow CLO
|
| Placement agent: | SMBC Nikko Securities Americas Inc.
|
| Manager: | American Money Management Corp.
|
| Call feature: | April 17, 2025
|
| Pricing date: | April 25
|
| Settlement date: | May 2
|
|
|
| Class A-1-R2notes
|
| Amount: | $198.4 million
|
| Securities: | Senior secured floating-rate E2
|
| Coupon: | SOFR plus 142 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2-R2notes
|
| Amount: | $12.8 million
|
| Securities: | Senior secured floating-rate E2
|
| Coupon: | SOFR plus 165 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-R2notes
|
| Amount: | $32 million
|
| Securities: | Senior secured floating-rate E2
|
| Coupon: | SOFR plus 205 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R2notes
|
| Amount: | $19.2 million
|
| Securities: | Senior secured deferrable floating-rate E2
|
| Coupon: | SOFR plus 240 bps
|
| Rating: | S&P: A
|
|
|
| Class D-1-R2notes
|
| Amount: | $16 million
|
| Securities: | Senior secured deferrable floating-rate E2
|
| Coupon: | SOFR plus 370 bps
|
| Rating: | S&P: BBB
|
|
|
| Class D-2-R2notes
|
| Amount: | $6.4 million
|
| Securities: | Senior secured deferrable floating-rate E2
|
| Coupon: | SOFR plus 550 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R2notes
|
| Amount: | $8 million
|
| Securities: | Senior secured deferrable floating-rate E2
|
| Coupon: | SOFR plus 655 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $31.14 million
|
| Securities: | Subordinated notes
|
|
|
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