By Cristal Cody
Tupelo, Miss., Jan. 10 – AXA Investment Managers, Inc. priced $404 million of notes due Jan. 19, 2033 in the Allegro CLO XI, Ltd./Allegro CLO XI LLC broadly syndicated collateralized loan obligation offering set to be issued in January, according to market sources.
Allegro CLO XI sold $228.2 million of class A-1a floating-rate notes at Libor plus 139 basis points, $15.8 million of 3.12% class A-1b fixed-rate notes, $4 million of class A-2a floating-rate notes at Libor plus 185 bps and $10 million of 3.62% class A-2b fixed-rate notes.
The CLO also priced $46 million of class B deferrable floating-rate notes at Libor plus 200 bps; $24 million of class C deferrable floating-rate notes at Libor plus 300 bps; $20 million of class D deferrable floating-rate notes at Libor plus 395 bps; $9 million of class E-1 deferrable floating-rate notes at Libor plus 700 bps; $9 million of class E-2 deferrable floating-rate notes at Libor plus 720 bps and $38 million of subordinated notes.
Goldman Sachs & Co. LLC was the placement agent.
The CLO has a two-year non-call period and a five-year reinvestment period.
The deal is backed primarily by broadly syndicated first-lien senior secured loans.
AXA Investment priced two CLOs in 2019.
The Greenwich, Conn.-based asset management firm is a subsidiary of Paris-based AXA Group.
| Issuer: | Allegro CLO XI, Ltd./Allegro CLO XI LLC
|
| Amount: | $404 million
|
| Maturity: | Jan. 19, 2033
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Goldman Sachs & Co. LLC
|
| Manager: | AXA Investment Managers, Inc.
|
| Call feature: | Two years
|
| Pricing date: | Dec. 19
|
| Settlement date: | Jan. 17
|
|
|
| Class A-1a notes
|
| Amount: | $228.2 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 139 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1b notes
|
| Amount: | $15.8 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 3.12%
|
| Rating: | S&P: AAA
|
|
|
| Class A-2a notes
|
| Amount: | $4 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 185 bps
|
| Rating: | S&P: Non-rated
|
|
|
| Class A-2b notes
|
| Amount: | $10 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 3.62%
|
| Rating: | S&P: Non-rated
|
|
|
| Class B notes
|
| Amount: | $46 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 300 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $20 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 395 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-1 notes
|
| Amount: | $9 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 700 bps
|
| Rating: | S&P: BB-
|
|
|
| Class E-2 notes
|
| Amount: | $9 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 720 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $38 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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