AXA Investment Managers closes 11th CLO in the US
AXA Investment Managers (AXA IM) today announces the close of Allegro CLO XI (Allegro XI), a new US Collateralised Loan Obligation (CLO). The closing marks AXA IM’s 11th CLO deal in the United States.
Allegro XI closed on 17 January 2020 with a notional value of USD 404 million. The non-call period for the transaction is two years, with a five year reinvestment period. Allegro XI brings AXA IM’s total CLO assets under management to approximately USD 6.3 billion*. The team’s loan platform globally now manages USD 13.3 billion*.
Yannick Le Serviget, Global Head of Leveraged Loans and Private Debt at AXA IM, commented: “Allegro XI was successfully priced in December 2019 with five equity investors, benefitting from attractive secondary market conditions before a Santa Rally and the refinancing wave in the primary that followed.”
Allegro XI CLO is managed by AXA Investment Managers, Inc. AXA IM’s Structured Finance investment team manages around USD 49.8 billion* in global assets across the non-traditional credit spectrum. For more than 20 years, it has provided bespoke solutions and investments in alternative credit and structured finance for large investors, typically looking for stable and predictable returns. AXA IM Structured Finance originates opportunities across the alternative credit spectrum to provide clients with opportunities for sourcing, diversification and spread pick-up.