By Cristal Cody
Tupelo, Miss., March 14 – American Money Management Corp. priced $407.9 million of notes due April 17, 2029 in a new collateralized loan obligation offering, according to a market source.
AMMC CLO 20, Ltd./AMMC CLO 20 Corp. sold $260 million of class A senior secured floating-rate notes at par to yield Libor plus 133 basis points, $44 million of class B senior secured floating-rate notes at par to yield Libor plus 160 bps; $26 million of class C secured deferrable floating-rate notes at par to yield Libor plus 235 bps; $20 million of class D secured deferrable floating-rate notes at 99.35 and a coupon of Libor plus 340 bps; $18 million of class E secured deferrable floating-rate notes at 95.875 and a coupon of Libor plus 581 bps and $39.9 million of subordinated notes.
SG Americas Securities LLC was the placement agent.
American Money Management is the CLO manager.
The CLO has a non-call period that ends Oct. 16, 2019 and a reinvestment period that ends April 17, 2021.
The offering is backed primarily by broadly syndicated first-lien senior secured corporate loans.
American Money Management was last in the primary market in 2016 with two new CLOs and two refinanced transactions.
The Cincinnati-based firm is a subsidiary of insurance holding company American Financial Group, Inc.
| Issuer: | AMMC CLO 20, Ltd./AMMC CLO 20 Corp.
|
| Amount: | $407.9 million
|
| Maturity: | April 17, 2029
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | SG Americas Securities LLC
|
| Manager: | American Money Management Corp.
|
| Call feature: | Oct. 16, 2019
|
| Pricing date: | March 8
|
| Settlement date: | March 29
|
|
|
| Class A notes
|
| Amount: | $260 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 133 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $44 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Price: | Par
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $26 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 235 bps
|
| Price: | Par
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $20 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 340 bps
|
| Price: | 99.35
|
| Rating: | S&P: BBB
|
|
|
| Class E notes
|
| Amount: | $18 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 581 bps
|
| Price: | 95.875
|
| Rating: | S&P: BB
|
|
|
| Equity
|
| Amount: | $39.9 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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