By Cristal Cody
Tupelo, Miss., Nov. 24 – American Money Management Corp. printed $357.75 million of notes due Nov. 15, 2027 in a collateralized loan obligation transaction, according to a market source.
AMMC CLO 17, Ltd./AMMC CLO 17, LLC sold $155.75 million of class A-1 floating-rate notes at Libor plus 160 basis points; $70 million of class A-2 floating-rate notes at Libor plus 145 bps; $41 million of class B floating-rate notes at Libor plus 230 bps; $23.75 million of class C deferrable floating-rate notes at Libor plus 325 bps; $14 million of class D deferrable floating-rate notes at Libor plus 455 bps; $17.25 million of class E deferrable floating-rate notes at Libor plus 675 bps and $36 million of subordinated notes.
MUFG was the placement agent.
American Money Management will manage the CLO.
The CLO is non-callable until Nov. 15, 2017. The reinvestment period ends Nov. 15, 2019.
The offering is backed primarily by broadly syndicated senior secured loans.
American Money Management has priced two CLO deals year to date.
The Cincinnati-based subsidiary of insurance holding company American Financial Group, Inc. brought to market two CLOs in 2014.
| Issuer: | AMMC CLO 17, Ltd./AMMC CLO 17, LLC
|
| Amount: | $357.75 million
|
| Maturity: | Nov. 15, 2027
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | MUFG
|
| Manager: | American Money Management Corp.
|
| Call feature: | Nov. 15, 2017
|
| Pricing date: | Nov. 13
|
| Settlement date: | Dec. 1
|
|
|
| Class A-1 notes
|
| Amount: | $155.75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Ratings: | Moody’s: Aaa expected
|
| Standard & Poor’s: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $70 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 145 bps
|
| Ratings: | Moody’s: Aaa expected
|
| Standard & Poor’s: AAA
|
|
|
| Class B notes
|
| Amount: | $41 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 230 bps
|
| Rating: | Standard & Poor’s: AA
|
|
|
| Class C notes
|
| Amount: | $23.75 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 325 bps
|
| Rating: | Standard & Poor’s: A
|
|
|
| Class D notes
|
| Amount: | $14 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 455 bps
|
| Rating: | Standard & Poor’s: BBB
|
|
|
| Class E notes
|
| Amount: | $17.25 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 675 bps
|
| Rating: | Standard & Poor’s: BB
|
|
|
| Equity
|
| Amount: | $36 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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