Allstate came to market at the end of last month with a $300 million collateralized debt obligation with leveraged loans representing the majority of the structure's collateral. A banker close to the deal said the vehicle, AIMCO 2001-A, is structured as an asset management deal--a traditional cash flow arbitrage structure. Calls to Allstate were not returned by press time.
The banker said pricing on the Standard & Poor's-rated transaction is as follows: $228 million AAA tranche at LIBOR plus 43 basis points; $27 million A- tranche at LIBOR plus 140 basis points; $8 million BBB- tranche at LIBOR plus 260 basis points; $4 million tranche with a fixed 8% coupon; a $8.75 million tranche at 720 basis points over LIBOR; a $3.25 million tranche with a fixed 12% coupon and a $21 million equity tranche.