By Cristal Cody
Tupelo, Miss., Nov. 6 – American Money Management Corp. sold $384 million of notes in a refinancing and reset of a 2013 collateralized loan obligation, according to a market source and a notice of revised second supplemental indenture and amendment to subordinated note issuing ad payment agency agreement on Friday.
AMMC CLO XII, Ltd./AMMC CLO XII Corp. sold $6 million of class X floating-rate notes at Libor plus 65 basis points, $252 million of class A-R floating-rate notes at Libor plus 120 bps; $46.5 million of class B-R floating-rate notes at Libor plus 150 bps; $31.5 million of class C-R floating-rate notes at Libor plus 190 bps; $20 million of class D-R floating-rate notes at Libor plus 270 bps; $20 million of class E-R floating-rate notes at Libor plus 618 bps and $8 million of class F-R floating-rate notes at Libor plus 836.5 bps.
SG Americas Securities LLC arranged the deal.
American Money Management is the CLO manager.
The maturity on the refinanced notes was extended to Nov. 10, 2030 from the original May 10, 2025 maturity.
The refinanced CLO has an extended two-year non-call period and a five-year reinvestment period.
The CLO originally was issued April 10, 2013 and sold $248 million of class A floating-rate notes at Libor plus 115 bps; $61.7 million of class B floating-rate notes at Libor plus 190 bps; $22 million of class C floating-rate notes at Libor plus 280 bps; $10.9 million of class D-1 floating-rate notes at Libor plus 375 bps; $10.9 million of 5.95% class D-2 fixed-rate notes; $16.8 million of class E floating-rate notes at Libor plus 500 bps; $7 million of class F floating-rate notes at Libor plus 505 bps and $40 million of subordinated notes.
The offering is backed primarily by broadly syndicated senior secured corporate loans.
Proceeds will be used to redeem the original notes.
The CLO manager has priced one new CLO and refinanced two vintage CLOs year to date.
American Money Management priced two new CLOs and refinanced two vintage transactions in 2016.
The Cincinnati-based firm is a subsidiary of insurance holding company American Financial Group, Inc.
| Issuer: | AMMC CLO XII, Ltd./AMMC CLO XII Corp.
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| Amount: | $384 million refinancing
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| Maturity: | Nov. 10, 2030
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| Securities: | Floating-rate notes
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| Structure: | Cash flow CLO
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| Refinancing agent: | SG Americas Securities LLC
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| Manager: | American Money Management Corp.
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| Call feature: | Two years
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| Settlement date: | Nov. 10
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| Distribution: | Rule 144A, Regulation S
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| Class X notes
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| Amount: | $6 million
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| Securities: | Floating-rate notes
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| Coupon: | Libor plus 65 bps
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| Ratings: | Moody’s: Aaa expected
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| S&P: AAA
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| Class A-R notes
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| Amount: | $252 million
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| Securities: | Floating-rate notes
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| Coupon: | Libor plus 120 bps
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| Ratings: | Moody’s: Aaa expected
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| S&P: AAA
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|
| Class B-R notes
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| Amount: | $46.5 million
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| Securities: | Floating-rate notes
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| Coupon: | Libor plus 150 bps
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| Ratings: | S&P: AA
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| Class C-R notes
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| Amount: | $31.5 million
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| Securities: | Floating-rate notes
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| Coupon: | Libor plus 190 bps
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| Ratings: | S&P: A
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|
|
| Class D-R notes
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| Amount: | $20 million
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| Securities: | Floating-rate notes
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| Coupon: | Libor plus 270 bps
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| Ratings: | S&P: BBB
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| Class E-R notes
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| Amount: | $20 million
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| Securities: | Floating-rate notes
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| Coupon: | Libor plus 618 bps
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| Ratings: | S&P: BB
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| Class F-R notes
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| Amount: | $8 million
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| Securities: | Floating-rate notes
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| Coupon: | Libor plus 836.5 bps
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| Ratings: | S&P: B
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