By Cristal Cody
Tupelo, Miss., May 1 – American Money Management Corp. priced $452.1 million of notes in a reset and second refinancing of a vintage 2012 collateralized loan obligation offering, according to a market source and a notice of executed supplemental indenture and amendment to subordinated note issuing and paying agency agreement on Monday.
AMMC CLO XI, Ltd./AMMC CLO XI Corp. placed $6 million of class X amortizing senior secured floating-rate notes at Libor plus 65 basis points, $216.6 million of class A-1-R2 senior secured floating-rate notes at Libor plus 101 bps, $30 million of 4.0024% class A-2-R2 senior secured fixed-rate notes, $30 million of class A-3A-R2 senior secured floating-rate notes at Libor plus 101 bps, $2.5 million of class A-3B-R2 senior secured floating-rate notes at Libor plus 135 bps and $45.2 million of class B-R2 senior secured floating-rate notes at Libor plus 160 bps.
The CLO also sold $30 million of class C-R2 senior secured deferrable floating-rate notes at Libor plus 190 bps, $23.6 million of class D-R2 senior secured deferrable floating-rate notes at Libor plus 285 bps, $17.2 million of class E-R2 senior secured deferrable floating-rate notes at Libor plus 580 bps, $6.4 million of class F senior secured deferrable floating-rate notes at Libor plus 795 bps and $44.6 million of subordinated notes.
SG Americas Securities LLC was the refinancing placement agent.
The reset notes are due April 30, 2031.
The CLO has a new two-year non-call period and a four-year reinvestment period.
The original CLO was issued Oct. 17, 2012 and was first refinanced Oct. 31, 2016.
In the first refinancing, AMMC CLO XI sold $192.4 million of class A-1-RL loans at Libor plus 140 bps; $90 million of class A-2-R floating-rate notes at Libor plus 140 bps; $60.1 million of class B-R floating-rate notes at Libor plus 205 bps; $22.2 million of class C-R floating-rate notes at Libor plus 285 bps; $21 million of class D-R floating-rate notes at Libor plus 425 bps and $19.7 million of class E-R floating-rate notes at Libor plus 725 bps.
Proceeds from the second refinancing will be used to redeem the first refinanced notes.
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 XI, Ltd./AMMC CLO XI Corp.
|
| Amount: | $452.1 million refinancing
|
| Maturity: | April 30, 2031
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | SG Americas Securities LLC
|
| Manager: | American Money Management Corp.
|
| Call feature: | April 30, 2020
|
| Settlement date: | April 30
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class X notes
|
| Amount: | $6 million
|
| Securities: | Amortizing senior secured floating-rate notes
|
| Coupon: | Libor plus 65 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class A-1-R2 notes
|
| Amount: | $216.6 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 101 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class A-2-R2 notes
|
| Amount: | $30 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 4.0024%
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class A-3A-R2 notes
|
| Amount: | $30 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 101 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class A-3B-R2 notes
|
| Amount: | $2.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 135 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-R2 notes
|
| Amount: | $45.2 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R2 notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R2 notes
|
| Amount: | $23.6 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 285 bps
|
| Rating: | S&P: BBB
|
|
|
| Class E-R2 notes
|
| Amount: | $17.2 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 580 bps
|
| Rating: | S&P: BB
|
|
|
| Class F notes
|
| Amount: | $6.4 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 795 bps
|
| Rating: | S&P: B
|
|
|
| Equity
|
| Amount: | $44.6 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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