Chicago, March 24 – Allstate Investment Management Co. refinanced its Aimco CLO, Series 2017-A/Aimco CLO, Series 2017-A LLC for $411.25 million, according to a pre-sale report.
The maturity date has been extended to April 20, 2034 from July 20, 2029.
The refinanced portfolio now includes $4 million of class X-R senior secured floating-rate notes at Libor plus 90 basis points and $252 million of class A-R senior secured floating-rate notes at Libor plus 105 bps, $52 million of class B-R senior secured floating-rate notes at Libor plus 150 bps.
There are also $26 million of class C-R senior secured deferrable floating-rate notes at Libor plus 210 bps, $22 million of class D-R senior secured deferrable floating-rate notes at Libor plus 315 bps, $13.4 million of class E-R senior secured deferrable floating-rate notes at Libor plus 625 bps and $5.7 million of class F-R senior secured deferrable floating-rate notes at Libor plus 854 bps.
Additionally, the CLO has $36 million of subordinated notes.
Allstate Investment Management will manage the collateral through the refreshed end of the reinvestment period on April 20, 2026.
The notes cannot be called before April 20, 2023.
Collateral for the notes chiefly consists of senior secured loans, cash and eligible investments with the majority of borrowers in the United States and Canada.
J.P. Morgan Securities LLC is the placement agent.
The original transaction priced with $258 million of class A senior secured floating-rate notes at Libor plus 134 bps; $44 million of class B senior secured floating-rate notes at Libor plus 175 bps; $25 million of class C mezzanine secured deferrable floating-rate notes at Libor plus 255 bps; $22 million of class D mezzanine secured deferrable floating-rate notes at Libor plus 350 bps; $19 million of class E junior secured deferrable floating-rate notes at Libor plus 590 bps; $6 million of class F junior secured deferrable floating-rate notes at Libor plus 685 bps and $36.5 million of subordinated notes.
The Northbrook, Ill.-based firm is a subsidiary of Allstate Corp.
| Issuer: | Aimco CLO, Series 2017-A/Aimco CLO, Series 2017-A LLC
|
| Issue: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Amount: | $411.25 million
|
| Maturity: | April 20, 2034
|
| Agent: | J.P. Morgan Securities LLC
|
| Manager: | Allstate Investment Management Co.
|
| Call: | April 20, 2023
|
| Pricing date: | March 18
|
| Settlement date: | April 20
|
|
|
| Class X-R notes
|
| Amount: | $4 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 90 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-R notes
|
| Amount: | $252 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 105 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-R notes
|
| Amount: | $52 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 150 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $26 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 210 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | $22 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 315 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R notes
|
| Amount: | $13.4 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 625 bps
|
| Rating: | S&P: BB-
|
|
|
| Class F-R notes
|
| Amount: | $5.7 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 854 bps
|
| Rating: | S&P: B-
|
|
|
| Subordinated notes
|
| Amount: | $36 million
|
| Securities: | Subordinated notes
|
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