By Cristal Cody
Tupelo, Miss., May 5 – AGL Credit Management LP priced $398.9 million of notes due April 20, 2028 in three tranches in a new broadly syndicated collateralized loan obligation offering, according to market sources.
AGL CLO 4 Ltd. sold $232 million of class A floating-rate notes at Libor plus 221 basis points, $36 million of class B floating-rate notes at Libor plus 297 bps and $130.9 million of subordinated notes.
Barclays was the placement agent.
AGL Core Fund Vintage 2020-1, LP will manage the CLO.
The CLO has a one-year non-call period and a one-year reinvestment period.
The offering is collateralized primarily by broadly syndicated first-lien senior secured corporate loans.
The New York-based investment firm was founded in 2019 and is a subsidiary of the Abu Dhabi Investment Authority.
| Issuer: | AGL CLO 4 Ltd.
|
| Amount: | $398.9 million
|
| Maturity: | April 20, 2028
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays
|
| Manager: | AGL Core Fund Vintage 2020-1, LP
|
| Call feature: | One year
|
| Pricing date: | April 14
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class A notes
|
| Amount: | $232 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 221 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $36 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 297 bps
|
| Ratings: | Non-rated
|
|
|
| Equity
|
| Amount: | $130.9 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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