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.

In its deal, 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.

The Northbrook, Ill.-based firm is a subsidiary of Allstate Corp.

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.

Jefferies LLC is the placement agent.

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

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