KopenTech AMR

Refinancing, Simplified.

Electronic Platform for
Refinancing
CLO Debt via
Multi-Dealer Syndication

AMR Timeline

10 Days From Initiation to Completion

4d

Initiation

The CLO manager or
majority equity investor(s)
initiates AMR
refinancing after the
non-call period ends.

1d

Auction

Investors confidentially
submit bids through
a platform broker-dealer.
KopenTech aggregates,
calculates and publishes
results.

5d

Settlement

Securities are
transferred via DTC to
auction winners.
The
trustee publishes the
pricing supplement.

AMR Auction Results

View historical data from
past AMR auctions.

AMR Cost

Cost Savings

  • 4 AMRs for the cost
    of 1 traditional refinancing
  • Competitive execution
    through secondary markets
  • Deal documentation
    remains the same

Time Reduction

  • Full timeline is 10 days, with
    only 5 days of pricing risk
  • Financial and operational risks
    reduced through fast execution
AMR Time
AMR Data

Insightful Data

  • Detailed auction data helps
    CLO managers plan issuance
    more effectively
  • Multi-dealer auction format
    yields extensive origination
    insights

…Buyers of CLO equity may press to use KopenTech’s technology... There were $25 billion of CLO refinancings last year. If all had gone the auction route, equity investors would have saved tens of millions of dollars.

Moody’s Investors Service analyst Peter Hallenbeck, February 2020

AMR on Wiki

Read detailed information about AMR on Wikipedia.

AMR
Benefits The
Marketplace

Equity investors

lower refinancing costs and acquire the option to refinance debt tranche by tranche

Debt investors

gain broader market access and the ability to place multiple bids at different margins

CLO managers

save time via broad, efficient syndication and obtain insights from auction data

Broker-dealers

secondary desks get access to a formerly primary market

$4 bn

AMR Deals
in the Market

$1.2 bn

Bids Posted
in the First Auction

10+

Platform
Broker-dealers

Together we can build
a better marketplace!

Want to
know more?

Get a deep dive into AMR.

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