Allstate Investment refinances $471.5 million notes; Par-Four plans first CLO of year

By Cristal Cody

Tupelo, Miss., Jan. 9 – CLO refinancing action in 2018 is underway, while the new issue market is taking shape in the second week of January.

Allstate Investment Management Co. refinanced $471.5 million of notes from a 2015 CLO offering.

Coming up, Par-Four Investment Management, LLC plans to price $409.2 million of notes in the firm’s first CLO offering of 2018.

Allstate reprices 2015 CLO

Allstate Investment Management priced $471.5 million of notes in a refinancing of the Aimco CLO, series 2015-A/Aimco CLO, series 2015-A LLC deal, according to a notice of revised proposed first supplemental indenture on Monday.

Aimco CLO, series 2015-A sold $325 million of class A-R senior secured floating-rate notes at Libor plus 85 basis points in the senior tranche.

Mizuho Securities USA LLC was the refinancing placement agent.

The maturity on the notes was extended to January 2030 from the original Jan. 15, 2028 maturity.

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 and $45 million of class A-2 floating-rate notes at Libor plus 155 bps in the senior tranches.

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.

Par-Four eyes new CLO

In the new issue primary market, Par-Four Investment Management plans to price $409.2 million of notes due Jan. 20, 2030 in the Tralee CLO IV, Ltd. transaction, according to a market source.

The deal includes $256 million of class A floating-rate notes (AAA); $49.5 million of class B floating-rate notes (AA); $25.5 million of class C deferrable floating-rate notes (A); $20 million of class D deferrable floating-rate notes (BBB-); $17 million of class E deferrable floating-rate notes (BB-); $8 million of class F deferrable floating-rate notes (B-) and $33.2 million of subordinated notes.

Jefferies LLC is the placement agent.

Par-Four Investment Management is a firm based in Woodcliff Lake, N.J.

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