By Cristal Cody
Tupelo, Miss., April 3 – American Money Management Corp. priced $466 million of notes due April 14, 2029 in a refinancing of a vintage 2015 collateralized loan obligation offering, according to a market source and a notice of proposed first supplemental indenture and amendment to subordinated note issuing and paying agency agreement on Friday.
AMMC CLO 16, Ltd./AMMC CLO 16 Corp. sold $317,985,000 of class A-R floating-rate notes at Libor plus 126 basis points; $6 million of class X-R floating-rate notes at Libor plus 105 bps; $55,015,0000 of class B-R floating-rate notes at Libor plus 160 bps; $30 million of class C-R floating-rate notes at Libor plus 235 bps; $30 million of class D-R floating-rate notes at Libor plus 355 bps and $27 million of class E-R R floating-rate notes at Libor plus 606 bps.
MUFG arranged the offering.
American Money Management will continue to manage the CLO.
In the deal originally priced in April 2015, the CLO sold $6 million of class A-X amortizing senior secured floating-rate notes at Libor plus 135 bps; $286,985,000 of class A-1 senior secured floating-rate notes at Libor plus 150 bps; $31 million of 3.04% class A-F senior secured fixed-rate notes; $50.8 million of class B-1 senior secured floating-rate notes at Libor plus 220 bps; $4,215,000 of 3.922% class B-F senior secured fixed-rate notes; $30 million of class C secured deferrable floating-rate notes at Libor plus 310 bps; $30 million of class D secured deferrable floating-rate notes at Libor plus 375 bps; $27 million of class E secured deferrable floating-rate notes at Libor plus 560 bps and $44.8 million of subordinated notes.
Proceeds will be used to redeem the original class A-1, A-F, A-X, B-1, B-F, C, D and E notes on April 17.
American Money Management was in the primary market in 2016 with two new CLOs and two refinanced transactions.
The Cincinnati-based firm is a subsidiary of insurance holding company American Financial Group, Inc.
| Issuer: | AMMC CLO 16, Ltd./AMMC CLO 16 Corp.
|
| Amount: | $466 million refinancing
|
| Maturity: | April 14, 2029
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | MUFG
|
| Manager: | American Money Management Corp.
|
| Pricing date: | March 29
|
| Settlement date: | April 17
|
| Distribution: | Rule 144A, Regulation S
|
|
|
|
|
| Class A-R notes
|
| Amount: | $317,985,000
|
| Coupon: | Libor plus 126 bps
|
| Ratings: | Moody’s: Aaa (expected)
|
| S&P: AAA
|
|
|
| Class X-R notes
|
| Amount: | $6 million
|
| Coupon: | Libor plus 105 bps
|
| Rating: | Moody’s: Aaa
|
|
|
| Class B-R notes
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| Amount: | $55,015,000
|
| Coupon: | Libor plus 160 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C-R notes
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| Amount: | $30 million
|
| Coupon: | Libor plus 235 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class D-R notes
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| Amount: | $30 million
|
| Coupon: | Libor plus 355 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class E-R notes
|
| Amount: | $27 million
|
| Coupon: | Libor plus 606 bps
|
| Rating: | Moody’s: Ba3
|
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