By Cristal Cody
Tupelo, Miss., Sept. 15 – Allstate Investment Management Co. priced $448.55 million of notes due Oct. 15, 2031 in a new broadly syndicated collateralized loan obligation transaction, according to market sources.
Aimco CLO 11 Ltd./Aimco CLO 11 LLC sold $288 million of class A floating-rate notes at Libor plus 138 basis points; $54 million of class B floating-rate notes at Libor plus 180 bps; $29.25 million of class C deferrable floating-rate notes at Libor plus 240 bps; $24.75 million of class D deferrable floating-rate notes at Libor plus 365 bps; $13.5 million of class E deferrable floating-rate notes at Libor plus 725 bps and $39.05 million of subordinated notes.
J.P. Morgan Securities LLC was the placement agent.
The CLO has a one-year non-call period and a three-year reinvestment period.
The offering is secured primarily by senior secured corporate loans.
Allstate Investment Management is a Northbrook, Ill.-based investment firm and subsidiary of Allstate Corp.
Issuer: | Aimco CLO 11 Ltd./Aimco CLO 11 LLC
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Amount: | $448.55 million
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Maturity: | Oct. 15, 2031
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Securities: | Floating-rate and subordinated notes
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Structure: | Cash flow CLO
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Placement agent: | J.P. Morgan Securities LLC
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Manager: | Allstate Investment Management Co.
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Call feature: | One year
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Pricing date: | Sept. 1
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Settlement date: | Oct. 13
|
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Class A notes
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Amount: | $288 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 138 bps
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Ratings: | S&P: AAA
|
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Class B notes
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Amount: | $54 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 180 bps
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Ratings: | S&P: AA
|
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Class C notes
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Amount: | $29.25 million
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Securities: | Deferrable floating-rate notes
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Coupon: | Libor plus 240 bps
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Ratings: | S&P: A
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Class D notes
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Amount: | $24.75 million
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Securities: | Deferrable floating-rate notes
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Coupon: | Libor plus 365 bps
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Ratings: | S&P: BBB-
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Class E notes
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Amount: | $13.5 million
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Securities: | Deferrable floating-rate notes
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Coupon: | Libor plus 725 bps
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Ratings: | S&P: BB-
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Equity
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Amount: | $39.05 million
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Securities: | Subordinated notes
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Ratings: | Non-rated
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