By Cristal Cody
Tupelo, Miss., June 8 – American Money Management Corp. priced $368 million of notes in a reset and refinancing of a vintage 2016 collateralized loan obligation offering, according to a notice of revised supplemental indenture and amendment to subordinated note issuing and paying agency agreement on Thursday.
AMMC CLO 18, Ltd./AMMC CLO 18 Corp. sold $258 million of class A-R floating-rate notes at Libor plus 110 bps, $44 million of class B-R floating-rate notes at Libor plus 160 bps, $24 million of class C-R floating-rate notes at Libor plus 195 bps, $22 million of class D-R floating-rate notes at Libor plus 305 bps and $20 million of class E-R floating-rate notes at Libor plus 600 bps.
Jefferies LLC was the refinancing placement agent.
The maturity on the notes was extended to May 2031 from the original May 26, 2028 maturity.
The reset CLO has a two-year non-call period and a five-year reinvestment period.
The original CLO was issued May 26, 2016. In that offering, the CLO had priced $58 million of class A-L1 senior secured floating-rate notes at Libor plus 157 bps, $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.
AMMC CLO 18 also had placed $59 million of class B senior secured floating-rate notes at Libor plus 260 bps; $24 million of class C secured deferrable floating-rate notes at Libor plus 324 bps; $22 million of class D secured deferrable floating-rate notes at Libor plus 500 bps; $12 million of class E-1 secured deferrable floating-rate notes at Libor plus 667 bps; $8 million of class E-2 secured deferrable floating-rate notes at Libor plus 725 bps and $38.15 million of subordinated notes.
Proceeds will be used to redeem the original 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 18, Ltd./AMMC CLO 18 Corp.
|
| Amount: | $368 million refinancing
|
| Maturity: | May 2031
|
| Securities: | Floating-rate notes
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| Structure: | Cash flow CLO
|
| Refinancing agent: | Jefferies LLC
|
| Manager: | American Money Management Corp.
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| Call feature: | May 2020
|
| Settlement date: | June 14
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class A-R notes
|
| Amount: | $258 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 110 bps
|
| Rating: | Moody’s: Aaa expected
|
|
|
| Class B-R notes
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| Amount: | $44 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Rating: | Moody’s: Aa2 expected
|
|
|
| Class C-R notes
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| Amount: | $24 million
|
| Securities: | Floating-rate notes
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| Coupon: | Libor plus 195 bps
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| Rating: | Moody’s: A2 expected
|
|
|
| Class D-R notes
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| Amount: | $22 million
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| Securities: | Floating-rate notes
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| Coupon: | Libor plus 305 bps
|
| Rating: | Moody’s: Baa3 expected
|
|
|
| Class E-R notes
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| Amount: | $20 million
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| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 600 bps
|
| Rating: | Moody’s: Ba3 expected
|
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