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Published on 3/10/2021 in the Prospect News CLO Daily.

New Issue: Angelo Gordon sells $417 million AG CC Funding I

Chicago, March 10 – Angelo, Gordon & Co., LP sold $417 million in a new AG CC Funding I, Ltd. collateralized debt obligation, according to a news release.

The fixed-rate and subordinated notes transaction due April 26, 2038 will include $220.5 million of class A 2.82% senior secured fixed-rate notes, $38.5 million of class B 3.25% senior secured fixed-rate notes, $18.5 million of class C 3.65% mezzanine secured deferrable fixed-rate notes, $21.5 million of class D 5.75% mezzanine secured deferrable fixed-rate notes and $118 million of subordinated notes.

Angelo Gordon will manage the collateral during the four-year reinvestment period.

The collateral will chiefly be corporate bonds and loans.

Credit Suisse Securities (USA) LLC is the underwriter.

Angelo Gordon is an alternative investment manager based in New York.

Issuer:AG CC Funding I, Ltd.
Amount:$417 million
Maturity:April 26, 2038
Securities:Fixed-rate and subordinated notes
Structure:Cash flow CLO
Placement agent:Credit Suisse Securities (USA) LLC
Manager:Angelo, Gordon & Co., LP
Announcement date:March 9
Settlement date:March 31
Class A notes
Amount:$220.5 million
Securities:Senior secured fixed-rate notes
Coupon:2.82%
Rating:Moody's: Aaa
Class B notes
Amount:$38.5 million
Securities:Senior secured fixed-rate notes
Coupon:3.25%
Rating:Moody's: Aa3
Class C notes
Amount:$18.5 million
Securities:Mezzanine secured deferrable fixed-rate notes
Coupon:3.65%
Rating:Moody's: A3
Class D notes
Amount:$21.5 million
Securities:Mezzanine secured deferrable fixed-rate notes
Coupon:5.75%
Rating:Moody's: Baa3
Subordinated notes
Amount:$118 million
Securities:Subordinated notes

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