By Cristal Cody
Tupelo, Miss., April 17 – American Money Management Corp. priced $510.8 million of notes due April 14, 2027 in the AMMC CLO 16, Ltd./AMMC CLO 16, Corp. transaction, according to a market source on Friday.
The CLO sold $6 million of class A-X amortizing senior secured floating-rate notes at Libor plus 135 basis points; $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.
Jefferies LLC arranged the transaction.
American Money Management will manage the CLO.
The CLO is non-callable until April 14, 2017. The reinvestment period ends April 14, 2019.
The offering is backed primarily by broadly syndicated first-lien senior secured loans and eligible investments.
Cincinnati-based American Money Management, a subsidiary of insurance holding company American Financial Group, Inc., priced two CLO transactions in 2014.
| Issuer: | AMMC CLO 16, Ltd./AMMC CLO 16, Corp.
|
| Amount: | $510.8 million
|
| Maturity: | April 14, 2027
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Jefferies LLC
|
| Manager: | American Money Management Corp.
|
| Call feature: | April 14, 2017
|
| Settlement date: | May 14
|
|
|
| Class A-X notes
|
| Amount: | $6 million
|
| Securities: | Amortizing senior secured floating-rate notes
|
| Coupon: | Libor plus 135 bps
|
| Rating: | Moody’s: Aaa
|
|
|
| Class A-1 notes
|
| Amount: | $286,985,000
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 150 bps
|
| Rating: | Moody’s: Aaa
|
|
|
| Class A-F notes
|
| Amount: | $31 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 3.04%
|
| Rating: | Moody’s: Aaa
|
|
|
| Class B-1 notes
|
| Amount: | $50.8 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 220 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class B-F notes
|
| Amount: | $4,215,000
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 3.922%
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C notes
|
| Amount: | $30 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 310 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class D notes
|
| Amount: | $30 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 375 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class E notes
|
| Amount: | $27 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 560 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Equity
|
| Amount: | $44.8 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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