By Cristal Cody
Eureka Springs, Ark., April 1 – American Money Management Corp. refinanced $388.5 million of notes due Jan. 15, 2022 in a vintage 2011 collateralized loan obligation transaction, according to a market source.
AMMC CLO IX, Ltd. priced $270 million of class A-R senior secured floating-rate notes at Libor plus 158 basis points.
The original class A notes priced at Libor plus 165 bps.
The CLO sold $28 million of class B-1-R senior secured floating-rate notes at Libor plus 250 bps and $15 million of 4% class B-2-R senior secured fixed-rate notes. The original $43 million class B tranche priced at Libor plus 250 bps.
AMMC CLO IX placed $35 million of class C-R senior secured deferrable floating-rate notes at Libor plus 360 bps.
The CLO originally sold $17.5 million of class C-1 floating-rate notes at Libor plus 325 bps and $17.5 million of class C-2 floating-rate notes at Libor plus 375 bps.
The CLO priced $19.5 million of class D-R senior secured deferrable floating-rate notes at Libor plus 565 bps. The original class D tranche was placed at Libor plus 450 bps.
In the final refinanced tranche, AMMC CLO IX sold $21 million of class E-R senior secured deferrable floating-rate notes at Libor plus 765 bps. The original class E notes priced at Libor plus 745 bps.
Citigroup Global Markets Inc. was the refinancing agent.
American Money Management is the CLO manager.
The CLO was restructured to include a two-year reinvestment period extension.
The offering is backed primarily by broadly syndicated first-lien senior secured corporate loans.
Proceeds from the issuance will be used to redeem the original notes.
American Money Management priced two new CLO deals in 2015.
The Cincinnati-based firm is a subsidiary of insurance holding company American Financial Group, Inc.
| Issuer: | AMMC CLO IX, Ltd.
|
| Amount: | $388.5 million refinancing
|
| Maturity: | Jan. 15, 2022
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Citigroup Global Markets Inc.
|
| Manager: | American Money Management Corp.
|
| Pricing date: | March 31
|
| Settlement date: | April 15
|
|
|
| Class A-R notes
|
| Amount: | $270 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 158 bps
|
| Rating: | Standard & Poor’s: AAA
|
|
|
| Class B-1-R notes
|
| Amount: | $28 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 250 bps
|
| Rating: | Standard & Poor’s: AA
|
|
|
| Class B-2-R notes
|
| Amount: | $15 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 4%
|
| Rating: | Standard & Poor’s: AA
|
|
|
| Class C-R notes
|
| Amount: | $35 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 360 bps
|
| Rating: | Standard & Poor’s: A
|
|
|
| Class D-R notes
|
| Amount: | $19.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 565 bps
|
| Rating: | Standard & Poor’s: BBB
|
|
|
| Class E-R notes
|
| Amount: | $21 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 765 bps
|
| Rating: | Standard & Poor’s: BB
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
