By Cristal Cody
Tupelo, Miss., Dec. 24 – AXA Investment Managers, Inc. priced $406.25 million of notes due Jan. 21, 2032 in December in the manager’s first collateralized loan obligation offering of 2020, according to market sources.
Allegro CLO XII, Ltd./Allegro CLO XII LLC sold $2 million of class X senior secured floating-rate notes at Libor plus 80 basis points, $248 million of class A-1 senior secured floating-rate notes at Libor plus 125 bps; $8 million of class A-2 senior secured floating-rate notes at Libor plus 150 bps, $48 million of class B senior secured floating-rate notes at Libor plus 170 bps; $24 million of class C mezzanine secured deferrable floating-rate notes at Libor plus 245 bps; $21 million of class D mezzanine secured deferrable floating-rate notes at Libor plus 360 bps; $17 million of class E mezzanine secured deferrable floating-rate notes at Libor plus 710 bps and $38.25 million of subordinated notes.
BNP Paribas Securities Corp. was the placement agent.
The CLO has a one-year non-call period and a three-year reinvestment period.
The deal is backed primarily by broadly syndicated first-lien senior secured loans.
AXA Investment Managers was last in the primary market in 2019 with two CLO deals.
Greenwich, Conn.-based AXA is an asset management firm and subsidiary of Paris-based AXA Group.
| Issuer: | Allegro CLO XII Ltd./Allegro CLO XII LLC
|
| Amount: | $406.25 million
|
| Maturity: | Jan. 21, 2032
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | BNP Paribas Securities Corp.
|
| Manager: | AXA Investment Managers, Inc.
|
| Call feature: | One year
|
| Pricing date: | Dec. 15
|
| Settlement date: | Jan. 12
|
|
|
| Class X notes
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| Amount: | $2 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 80 bps
|
| Ratings: | Moody’s: Aaa
|
|
|
| Class A-1 notes
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| Amount: | $248 million
|
| Securities: | Senior secured floating-rate notes
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| Coupon: | Libor plus 125 bps
|
| Ratings: | Moody’s: Aaa
|
|
|
| Class A-2 notes
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| Amount: | $8 million
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| Securities: | Senior secured floating-rate notes
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| Coupon: | Libor plus 150 bps
|
| Ratings: | Moody’s: Non-rated
|
|
|
| Class B notes
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| Amount: | $48 million
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| Securities: | Senior secured floating-rate notes
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| Coupon: | Libor plus 170 bps
|
| Ratings: | Moody’s: Non-rated
|
|
|
| Class C notes
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| Amount: | $24 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 245 bps
|
| Ratings: | Moody’s: Non-rated
|
|
|
| Class D notes
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| Amount: | $21 million
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| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 360 bps
|
| Ratings: | Moody’s: Non-rated
|
|
|
| Class E notes
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| Amount: | $17 million
|
| Securities: | Junior secured deferrable floating-rate notes
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| Coupon: | Libor plus 710 bps
|
| Ratings: | Moody’s: Non-rated
|
|
|
| Equity
|
| Amount: | $38.25 million
|
| Securities: | Subordinated notes
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| Ratings: | Non-rated
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