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
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| 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
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| Amount: | $38.5 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 3.25%
|
| Rating: | Moody's: Aa3
|
|
|
| Class C notes
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| Amount: | $18.5 million
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| Securities: | Mezzanine secured deferrable fixed-rate notes
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| Coupon: | 3.65%
|
| Rating: | Moody's: A3
|
|
|
| Class D notes
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| Amount: | $21.5 million
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| Securities: | Mezzanine secured deferrable fixed-rate notes
|
| Coupon: | 5.75%
|
| Rating: | Moody's: Baa3
|
|
|
| Subordinated notes
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| Amount: | $118 million
|
| Securities: | Subordinated notes
|
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