By Cristal Cody
Tupelo, Miss., June 28 – Allstate Investment Management Co. priced $455.7 million of notes due July 22, 2032 in a new broadly syndicated collateralized loan obligation deal that closed on Friday, according to a market source.
Aimco CLO 10 Ltd./Aimco CLO 10 LLC sold $292.5 million of class A senior secured floating-rate notes at Libor plus 132 basis points; $49.5 million of class B senior secured floating-rate notes at Libor plus 180 bps; $28.1 million of class C mezzanine secured deferrable floating-rate notes at Libor plus 245 bps; $24.2 million of class D mezzanine secured deferrable floating-rate notes at Libor plus 355 bps; $18.7 million of class E junior secured deferrable floating-rate notes at Libor plus 655 bps and $42.7 million of subordinated notes.
Credit Suisse Securities (USA) LLC was the placement agent.
Allstate Investment Management will manage the CLO.
The CLO has a two-year non-call period and a five-year reinvestment period.
The offering is secured primarily by senior secured corporate loans.
Allstate Investment Management is a Northbrook, Ill.-based investment firm and subsidiary of Allstate Corp.
| Issuer: | Aimco CLO 10 Ltd./Aimco CLO 10 LLC
|
| Amount: | $455.7 million
|
| Maturity: | July 22, 2032
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Credit Suisse Securities (USA) LLC
|
| Manager: | Allstate Investment Management Co.
|
| Call feature: | Two years
|
| Pricing date: | May 30
|
| Settlement date: | June 28
|
|
|
| Class A notes
|
| Amount: | $292.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 132 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: Non-rated
|
|
|
| Class B notes
|
| Amount: | $49.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 180 bps
|
| Ratings: | Moody’s: Non-rated
|
| S&P: AA
|
|
|
| Class C notes
|
| Amount: | $28.1 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 245 bps
|
| Ratings: | Moody’s: Non-rated
|
| S&P: A
|
|
|
| Class D notes
|
| Amount: | $24.2 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 355 bps
|
| Ratings: | Moody’s: Non-rated
|
| S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $18.7 million
|
| Securities: | Junior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 655 bps
|
| Ratings: | Moody’s: Ba3
|
| S&P: Non-rated
|
|
|
| Equity
|
| Amount: | $42.7 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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