By Cristal Cody
Tupelo, Miss., March 16 – American Money Management Corp. priced $463 million of notes due April 2031 in a new collateralized loan obligation offering, according to a market source.
AMMC CLO 22, Ltd./AMMC CLO 22 Corp. sold $286 million of class A senior secured floating-rate notes at a discount margin of Libor plus 103 basis points and $56 million of class B senior secured floating-rate notes at a discount margin of Libor plus 145 bps.
The CLO priced $27 million of class C secured deferrable floating-rate notes at a discount margin of Libor plus 175 bps; $23 million of class D secured deferrable floating-rate notes at a discount margin of Libor plus 270 bps; $19 million of class E secured deferrable floating-rate notes at a discount margin of Libor plus 550 bps and $52 million of subordinated notes in the equity tranche.
MUFG was the placement agent.
American Money Management is the CLO manager.
The CLO has a non-call period that ends in April 2020 and a reinvestment period that ends in April 2023.
The offering is backed primarily by broadly syndicated first-lien senior secured corporate loans.
American Money Management priced one new CLO and refinanced two vintage CLOs in 2017.
The Cincinnati-based firm is a subsidiary of insurance holding company American Financial Group, Inc.
| Issuer: | AMMC CLO 22, Ltd./AMMC CLO 22 Corp.
|
| Amount: | $463 million
|
| Maturity: | April 2031
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | MUFG
|
| Manager: | American Money Management Corp.
|
| Call feature: | April 2020
|
| Pricing date: | March 8
|
|
|
| Class A notes
|
| Amount: | $286 million
|
| Securities: | Senior secured floating-rate notes
|
| Discount margin: | Libor plus 103 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $56 million
|
| Securities: | Senior secured floating-rate notes
|
| Discount margin: | Libor plus 145 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $27 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Discount margin: | Libor plus 175 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $23 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Discount margin: | Libor plus 270 bps
|
| Rating: | S&P: BBB
|
|
|
| Class E notes
|
| Amount: | $19 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Discount margin: | Libor plus 550 bps
|
| Rating: | S&P: BB
|
|
|
| Equity
|
| Amount: | $52 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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