By Cristal Cody
Tupelo, Miss., March 21 – Angelo, Gordon & Co., LP refinanced $493.8 million of notes due April 15, 2025 from a vintage 2014 collateralized loan obligation deal, according to a market source and a notice of revised proposed supplemental indenture.
Northwoods Capital XI, Ltd./Northwoods Capital XI, LLC priced $376.2 million of class A-R floating-rate notes at Libor plus 119 basis points, $39.6 million of class B-1-R floating-rate notes at Libor plus 160 bps, $30 million of 3.6898% class B-2-R fixed-rate notes and $48 million of class C-R deferrable floating-rate notes at Libor plus 240 bps.
The CLO originally priced $376.2 million of class A notes at Libor plus 160 bps, $39.6 million of class B-1 notes at Libor plus 200 bps, $30 million of the class B-2 notes with a 4.63% coupon and $48 million of class C notes at Libor plus 275 bps.
Goldman, Sachs & Co. arranged the transaction.
Angelo, Gordon will continue to manage the CLO.
Proceeds will be used to redeem the original notes.
Angelo, Gordon is an alternative investment manager based in New York.
| Issuer: | Northwoods Capital XI, Ltd./Northwoods Capital XI, LLC
|
| Amount: | $493.8 million refinancing
|
| Maturity: | April 15, 2025
|
| Securities: | Fixed- and floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Goldman, Sachs & Co.
|
| Manager: | Angelo, Gordon & Co., LP
|
| Pricing date: | March 16
|
| Refinancing date: | April 17
|
|
|
| Class A-R notes
|
| Amount: | $376.2 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 119 bps
|
| Ratings: | Moody’s: Aaa expected
|
| S&P: AAA
|
|
|
| Class B-1-R notes
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| Amount: | $39.6 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Ratings: | S&P: AA
|
|
|
| Class B-2-R notes
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| Amount: | $30 million
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| Securities: | Fixed-rate notes
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| Coupon: | 3.6898%
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| Ratings: | S&P: AA
|
|
|
| Class C-R notes
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| Amount: | $48 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 240 bps
|
| Ratings: | S&P: A
|
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