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American Money Management sells $406.15 million CLO; year to date volume near $10 billion
By Cristal Cody
Eureka Springs, Ark., April 21 – American Money Management Corp. tapped the U.S. CLO primary market with a $406.15 million deal.
The new transaction brings year-to-date CLO volume to about $9.5 billion from 24 deals, according to Prospect News data.
Several CLO offerings are in the pipeline and expected to price soon, including a $498.7 million CLO from Carlyle Investment Management LLC, a $502.05 million transaction from Highbridge Principal Strategies LLC and a $401.75 million deal from Prudential Investment Management, Inc.
In the secondary market, 37 investment-grade CBO/CDO/CLO issues totaling $170.03 million and 25 non-investment-grade CBO/CDO/CLO securities totaling $117.69 million were traded on Wednesday, according to Trace.
AMMC CLO 18 prices
American Money Management sold $406.15 million of notes due May 26, 2028 in the CLO offering, according to a market source.
AMMC CLO 18, Ltd./AMMC CLO 18 Corp. priced $58 million of class A-L1 senior secured floating-rate notes at Libor plus 157 basis points, $155 million of class A-L2 senior secured floating-rate notes at Libor plus 165 bps and $30 million of 2.93% class A-F senior secured fixed-rate notes in the senior tranches.
Jefferies LLC arranged the deal.
The CLO will have a two-year non-call period and a four-year reinvestment period.
The offering is backed primarily by broadly syndicated first-lien senior secured corporate loans.
Proceeds from the offering will be used to purchase a portfolio of about $400 million of primary senior secured leveraged loans.
American Money Management was last in the primary market on March 31 with a $388.5 million refinancing of a vintage CLO. The firm priced two CLO deals in 2015.
The Cincinnati-based firm is a subsidiary of insurance holding company American Financial Group, Inc.
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