By Cristal Cody
Tupelo, Miss., Nov. 20 – American Money Management Corp. priced $507 million of notes due Dec. 9, 2026 in the AMMC CLO XV, Ltd./AMMC CLO XV, Corp. transaction, according to a market source.
The CLO sold $6 million of class A-X floating-rate notes (Aaa//AAA) at Libor plus 130 basis points; $320 million of class A-1 floating-rate notes (Aaa//AAA) at Libor plus 153 bps; $43 million of class B-1 floating-rate notes (Aa2) at Libor plus 245 bps; $10 million of 4.634% class B-F fixed-rate notes (Aa2); $10.5 million of class C-1 floating-rate notes (A2) at Libor plus 346 bps; $18.5 million of 5.569% class C-F fixed-rate notes (A2); $29 million of class D floating-rate notes (Baa3) at Libor plus 420 bps; $29 million of class E floating-rate notes (Ba3) at Libor plus 698 bps and $41 million of subordinated notes.
Jefferies LLC arranged the transaction.
American Money Management will manage the CLO.
The CLO has a two-year non-call period and a four-year reinvestment period.
The offering is backed primarily by first-lien senior secured loans.
Proceeds from the deal will be used to purchase a portfolio of about $500 million of leveraged loans.
American Money Management previously priced the $410.3 million AMMC CLO XIV, Ltd./AMMC CLO XIV, Corp. deal in June.
The Cincinnati-based subsidiary of insurance holding company American Financial Group, Inc. brought two CLO transactions in 2013.
| Issuer: | AMMC CLO XV, Ltd./AMMC CLO XV, Corp.
|
| Amount: | $507 million
|
| Maturity: | Dec. 9, 2026
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Jefferies LLC
|
| Manager: | American Money Management Corp.
|
| Call feature: | 2016
|
| Pricing date: | Nov. 5
|
| Settlement date: | Dec. 9
|
| Distribution: | Rule 144A
|
|
|
| Class A-X notes
|
| Amount: | $6 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 130 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-1 notes
|
| Amount: | $320 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 153 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $43 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 245 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class B-F notes
|
| Amount: | $10 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 4.634%
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C-1 notes
|
| Amount: | $10.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 346 bps
|
| Ratings: | Moody’s: A2
|
|
|
| Class C-F notes
|
| Amount: | $18.5 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 5.569%
|
| Rating: | Moody’s: A2
|
|
|
| Class D notes
|
| Amount: | $29 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 420 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class E notes
|
| Amount: | $29 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 698 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Equity tranche
|
| Amount: | $41 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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