NIBC Bank offers €304.5 million North Westerly CLO IV deal

By Cristal Cody

Tupelo, Miss., Dec. 9 - NIBC Bank NV is firming up details for an offering of €304.5 million of notes in a previously announced European Regulation S and Rule 144A collateralized loan obligation deal, according to an informed source.

The North Westerly CLO IV 2013 BV offering includes €152 million of class A-1 notes (/AAA/AAA); €25 million of class A-2 notes (/AAA/AAA); €37 million of class B notes (/AA/AA); €17.5 million of class C notes (/A/A); €16 million of class D notes (/BBB/BBB); €21 million of class E notes (/BB/BB) and €36.5 million of subordinated notes.

RBS Securities Inc. is the placement agent.

NIBC Bank will manage the CLO, which will invest primarily in senior secured first-lien leveraged loans.

Proceeds from the offering will be used to purchase a €300 million portfolio of European and U.S. leveraged loans and bonds.

The deal will be the Hague, Netherlands-based firm's first European CLO transaction since it priced the €410 million North Westerly CLO III BV offering in 2006.

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