By Cristal Cody
Tupelo, Miss., April 21 – Angelo, Gordon & Co., LP refinanced $303 million of notes due Nov. 4, 2025 from a vintage 2013 collateralized loan obligation deal, according to a market source.
Northwoods Capital X, Ltd./Northwoods Capital X, LLC priced $165 million of class A-1-R floating-rate notes at Libor plus 108 basis points; $45 million of 2.65% class A-2-R fixed-rate notes; $22 million of class B-1-R floating-rate notes at Libor plus 155 bps; $20 million of 3.44% class B-2-R fixed-rate notes; $31.5 million of class C-R floating-rate notes at Libor plus 230 bps and $19.5 million of class D-R floating-rate notes at Libor plus 350 bps.
Goldman Sachs & Co. arranged the transaction.
Angelo, Gordon will continue to manage the CLO.
Northwoods Capital X originally was issued on Sept. 30, 2013.
The CLO sold $2.5 million of class X senior secured floating-rate notes at Libor plus 100 bps; $165 million of class A-1 senior secured floating-rate notes at Libor plus 140 bps; $45 million of 3.527% class A-2 senior secured fixed-rate notes; $22 million of class B-1 senior secured floating-rate notes at Libor plus 190 bps; $20 million of 4.361% class B-2 senior secured fixed-rate notes; $31.5 million of class C mezzanine secured deferrable floating-rate notes at Libor plus 270 bps; $19.5 million of class D mezzanine secured deferrable floating-rate notes at Libor plus 360 bps; $19 million of class E junior secured deferrable floating-rate notes at Libor plus 460 bps and $42.5 million of subordinated notes.
Proceeds will be used to redeem the original class A-1, A-2, B-1, B-2, C and D notes.
The CLO manager has refinanced two vintage CLOs year to date. The firm was last in the CLO primary market in 2014.
Angelo, Gordon is an alternative investment manager based in New York.
| Issuer: | Northwoods Capital X, Ltd./Northwoods Capital X, LLC
|
| Amount: | $303 million refinancing
|
| Maturity: | Nov. 4, 2025
|
| Securities: | Fixed- and floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Goldman Sachs & Co.
|
| Manager: | Angelo, Gordon & Co., LP
|
| Pricing date: | March 29
|
| Settlement date: | May 4
|
|
|
| Class A-1-R notes
|
| Amount: | $165 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 108 bps
|
| Ratings: | Moody’s: Aaa expected
|
| S&P: AAA
|
|
|
| Class A-2-R notes
|
| Amount: | $45 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 2.65%
|
| Ratings: | Moody’s: Aaa expected
|
| S&P: AAA
|
|
|
| Class B-1-R notes
|
| Amount: | $22 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 155 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-2-R notes
|
| Amount: | $20 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 3.44%
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $31.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 230 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | $19.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 350 bps
|
| Rating: | S&P: BBB
|
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