By Cristal Cody
Tupelo, Miss., Jan. 9 – Allstate Investment Management Co. priced $471.5 million of notes in a refinancing of a vintage 2015 broadly syndicated collateralized loan obligation deal, according to a notice of revised proposed first supplemental indenture on Monday.
Aimco CLO, series 2015-A/Aimco CLO, series 2015-A LLC sold $325 million of class A-R senior secured floating-rate notes at Libor plus 85 basis points; $60 million of class B-R senior secured floating-rate notes at Libor plus 130 bps; $25 million of class C-R senior secured deferrable floating-rate notes at Libor plus 170 bps; $30 million of class D-R senior secured deferrable floating-rate notes at Libor plus 245 bps; $25 million of class E-R senior secured deferrable floating-rate notes at Libor plus 520 bps and $6.5 million of class F-R senior secured deferrable floating-rate notes at Libor plus 700 bps.
Mizuho Securities USA LLC was the refinancing placement agent.
Allstate Investment Management will continue to manage the CLO.
The maturity on the notes was extended to January 2030 from the original Jan. 15, 2028 maturity.
The CLO has a one-year non-call period and a two-year reinvestment period.
In the original $501 million transaction priced on Nov. 6, 2015, the CLO sold $280 million of class A-1 floating-rate notes at Libor plus 170 bps; $45 million of class A-2 floating-rate notes at Libor plus 155 bps; $27.5 million of class B-N floating-rate notes at Libor plus 230 bps; $25 million of class B-L loans at Libor plus 230 bps; $27.5 million of class C floating-rate notes at Libor plus 330 bps; $28.5 million of class D floating-rate notes at Libor plus 455 bps; $27 million of class E floating-rate notes at Libor plus 782 bps; $8.5 million of class F floating-rate notes at Libor plus 850 bps and $32 million of subordinated notes.
Proceeds will be used to redeem the original notes.
Allstate Investment Management priced one new CLO and refinanced one vintage CLO in 2017. The CLO manager previously was in the primary market in 2015.
The Northbrook, Ill.-based firm is a subsidiary of Allstate Corp.
| Issuer: | Aimco CLO, series 2015-A/Aimco CLO, series 2015-A LLC
|
| Amount: | $471.5 million refinancing
|
| Maturity: | January 2030
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Mizuho Securities USA LLC
|
| Manager: | Allstate Investment Management Co.
|
| Call feature: | January 2019
|
| Settlement date: | Jan. 16
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class A-R notes
|
| Amount: | $325 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 85 bps
|
| Rating: | Moody’s: Aaa expected
|
|
|
| Class B-R notes
|
| Amount: | $60 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 130 bps
|
| Rating: | Moody’s: Aa2 expected
|
|
|
| Class C-R notes
|
| Amount: | $25 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Rating: | Moody’s: A2 expected
|
|
|
| Class D-R notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 245 bps
|
| Rating: | Moody’s: Baa3 expected
|
|
|
| Class E-R notes
|
| Amount: | $25 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 520 bps
|
| Rating: | Moody’s: Ba3 expected
|
|
|
| Class F-R notes
|
| Amount: | $6.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 700 bps
|
| Rating: | Moody’s: B3 expected
|
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