By Rebecca Melvin
New York, March 5 – Allstate Investment Management Co. priced $409.5 million of notes due April 17, 2031 in a new broadly syndicated collateralized loan obligation deal, according to a market source.
Aimco CLO, Series 2018-A/Aimco CLO, Series 2018-A LLC sold $3 million of class X senior secured floating-rate notes at Libor plus 55 basis points and $254 million of class A senior secured floating-rate notes at Libor plus 102 bps at the top of the capital structure.
It also priced $48 million of class B senior secured floating-rate notes at Libor plus 140 bps; $24 million of class C mezzanine secured deferrable floating-rate notes at Libor plus 175 bps; $24 million of class D mezzanine secured deferrable floating-rate notes at Libor plus 255 bps; $19 million of class E junior secured deferrable floating-rate notes at Libor plus 515 bps; and $37.5 million of subordinated notes.
Morgan Stanley & Co. LLC arranged the deal.
Allstate Investment Management is the CLO manager.
The CLO has a 2.1-year non-call period and a 5.1-year reinvestment period.
The deal is backed primarily by broadly syndicated first-lien senior secured corporate loans.
Proceeds will be used to purchase a portfolio of about $400 million of mostly first-lien senior secured leveraged loans.
The Northbrook, Ill.-based firm is a subsidiary of Allstate Corp.
| Issuer: | Aimco CLO, Series 2018-A/Aimco CLO, Series 2018-A LLC
|
| Amount: | $409.5 million
|
| Maturity: | April 17, 2031
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Morgan Stanley & Co. LLC
|
| Manager: | Allstate Investment Management Co.
|
| Call feature: | 2.1 years
|
| Pricing date: | March 5
|
| Settlement date: | March 27
|
| Distribution: | Rule 144A
|
|
|
| Class X notes
|
| Amount: | $3 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 55 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class A notes
|
| Amount: | $254 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 102 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $48 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 140 bps
|
| Ratings: | Not rated
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Ratings: | Not rated
|
|
|
| Class D notes
|
| Amount: | $24 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 255 bps
|
| Ratings: | Not rated
|
|
|
| Class E notes
|
| Amount: | $19 million
|
| Securities: | Junior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 515 bps
|
| Ratings: | Not rated
|
|
|
| Equity
|
| Amount: | $37.5 million
|
| Securities: | Subordinated notes
|
| Ratings: | Not rated
|
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