By Cristal Cody
Tupelo, Miss., April 4 - Angelo, Gordon & Co., LP priced $621.8 million of notes due Nov. 15, 2025 in a collateralized loan obligation deal, according to a market source on Friday.
Northwoods Capital XI, Ltd./Northwoods Capital XI, LLC priced $376.2 million of class A floating-rate notes (expected Aaa/AAA/) at Libor plus 160 basis points, $39.6 million of class B-1 floating-rate notes (/AA/) at Libor plus 200 bps and $30 million of 4.69% class B-2 fixed-rate notes (/AA/) at the top of the structure.
The CLO also sold $48 million of class C deferrable floating-rate notes (/A/) at Libor plus 275 bps, $33 million of class D deferrable floating-rate notes (/BBB/) at Libor plus 345 bps and $30 million of class E deferrable floating-rate notes (/BB/) at Libor plus 450 bps.
The deal included $58 million of A subordinated notes and $7 million of B subordinated notes in the equity tranches.
Goldman Sachs & Co. was the placement agent.
Angelo Gordon is the CLO manager.
The notes are non-callable until Nov. 15, 2016. The reinvestment period on the CLO ends Nov. 15, 2018.
The CLO is backed by broadly syndicated senior secured corporate loans.
Angelo Gordon, a New York City-based alternative investment manager, brought the $367 million Northwoods Capital X, Ltd./Northwoods Capital X, LLC CLO deal in 2013.
| Issuer: | Northwoods Capital XI, Ltd./Northwoods Capital XI, LLC
|
| Amount: | $621.8 million
|
| Maturity: | Nov. 15, 2025
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Goldman Sachs & Co.
|
| Manager: | Angelo, Gordon & Co., LP
|
| Call feature: | Nov. 15, 2016
|
| Pricing date: | March 12
|
| Settlement date: | April 8
|
|
|
| Class A notes
|
| Amount: | $376.2 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Ratings: | Moody's: Expected Aaa
|
| Standard & Poor's: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $39.6 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Rating: | Standard & Poor's: AA
|
|
|
| Class B-2 notes
|
| Amount: | $30 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 4.69%
|
| Rating: | Standard & Poor's: AA
|
|
|
| Class C notes
|
| Amount: | $48 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 275 bps
|
| Rating: | Standard & Poor's: A
|
|
|
| Class D notes
|
| Amount: | $33 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 345 bps
|
| Rating: | Standard & Poor's: BBB
|
|
|
| Class E notes
|
| Amount: | $30 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 450 bps
|
| Rating: | Standard & Poor's: BB
|
|
|
| A notes
|
| Amount: | $58 million
|
| Securities: | Subordinated notes
|
| Rating: | Non-rated
|
|
|
| B notes
|
| Amount: | $7 million
|
| Securities: | Subordinated notes
|
| Rating: | Non-rated
|
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