Chicago, March 18 – American Money Management Corp. sold $407.5 million in a collateralized loan obligation issued by AMMC CLO 24, Ltd., according to a press release and a filing.
The notes will mature on Jan. 22, 2035.
The CLO consists of $256 million of class A senior secured floating-rate notes, $45.5 million of class B senior secured floating-rate notes at Libor plus 175 bps, $21 million of class C secured deferrable floating-rate notes, $25.3 million of class D secured deferrable floating-rate notes, $20.2 million of class E secured deferrable floating-rate notes and $39.5 million of subordinated notes.
American Money Management Corp. will manage the collateral through the end of the five-year reinvestment period.
Collateral for the notes consists of broadly syndicated senior secured corporate loans.
MUFG Securities Americas Inc. was the placement agent.
American Money Management is a Cincinnati-based firm and subsidiary of insurance holding company American Financial Group, Inc.
Issuer: | AMMC CLO 24, Ltd.
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Issue: | Floating-rate notes and subordinated notes
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Amount: | $407.5 million
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Maturity: | Jan. 22, 2035
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Structure: | Cash flow CLO
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Placement agent: | MUFG Securities Americas Inc.
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Manager: | American Money Management Corp.
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Settlement date: | Dec. 14, 2021
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Class A notes
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Amount: | $256 million
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Securities: | Senior secured floating-rate notes
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Rating: | Moody's: Aaa
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Class B notes
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Amount: | $45.5 million
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Securities: | Senior secured floating-rate notes
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Coupon: | Libor plus 175 bps
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Rating: | Moody's: Aa2
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Class C notes
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Amount: | $21 million
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Securities: | Secured deferrable floating-rate notes
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Rating: | Moody's: A2
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Class D notes
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Amount: | $25.3 million
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Securities: | Secured deferrable floating-rate notes
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Rating: | Moody's: Baa3
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Class E notes
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Amount: | $20.2 million
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Securities: | Secured deferrable floating-rate notes
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Rating: | Moody's: Ba3
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Subordinated notes
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Amount: | $39.5 million
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Securities: | Subordinated notes
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