NIBC Bank to price €410 million of notes in North Westerly CLO VI

By Cristal Cody

Tupelo, Miss., Nov. 19 – NIBC Bank NV plans to price €410 million of notes due 2032 in a new euro-denominated broadly syndicated collateralized loan obligation transaction, according to a market source.

The North Westerly CLO VI BV deal includes €250 million of class A floating-rate notes (AAA); €25 million of class B-1 floating-rate notes (AA); €15 million of class B-2 fixed-rate notes (AA); €28 million of class C floating-rate notes (A); €20 million of class D floating-rate notes (BBB); €24 million of class E floating-rate notes (BB); €10 million of class F floating-rate notes (B-) and €38 million of subordinated notes.

MUFG is the placement agent.

NIBC Bank will manage the CLO.

The issue has a 2.5-year non-call period and a five-year reinvestment period.

The transaction is expected to close on Jan. 8.

The CLO is collateralized primarily by broadly syndicated senior secured loans and bonds.

NIBC Bank is based in the Hague, the Netherlands.

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