NIBC Bank to bring €300 million North Westerly CLO IV offering

By Cristal Cody

Tupelo, Miss., Sept. 19 - NIBC Bank NV is underway in plans to price a €300 million European collateralized loan obligation in its first such offering since 2006, according to an informed source on Thursday.

The North Westerly CLO IV offering is expected to price the Regulation S and Rule 144A deal with rated tranches of AAA, AA, A, BBB and BB notes.

RBS Securities Inc. is the placement agent.

NIBC Leveraged Finance Markets will be the CLO manager.

The CLO will invest primarily in senior secured first-lien leveraged loans.

NIBC has issued three CLOs under the "North Westerly" program since the first vehicle closed in 2003. The last European CLO deal, the €410 million North Westerly CLO III BV offering, priced in 2006.

The firm, based in the Hague, Netherlands, has about €1 billion of assets under management and focuses predominantly on European leveraged loans, infrastructure debt and high-yield bonds.

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