By Cristal Cody
Tupelo, Miss., March 12 - NXT Capital CLO 2013-1, LLC priced $357.94 million of notes due April 2024 in a collateralized loan obligation offering, according to a market source.
The deal included five tranches of floating-rate notes and one tranche of subordinated notes.
NXT Capital sold $200 million of class A notes (Aaa) at Libor plus 150 basis points; $29 million of class B notes (Aa2) at Libor plus 235 bps; $30.75 million of class C notes (A2) at Libor plus 355 bps; $16.25 million of class D notes (Baa2) at Libor plus 415 bps; $31.25 million of class E notes (Ba2) at Libor plus 575 bps; and $50.69 million of non-rated subordinated notes with a residual coupon.
Wells Fargo Securities LLC and BMO Capital Markets Corp. were the underwriters.
The CLO manager is NXT Capital Investment Advisors, LLC.
The non-call period for the notes ends April 2015.
NXT Capital CLO is a small to medium enterprise cash-flow CLO that is backed by a $350 million corporate SME loan portfolio.
| Issuer: | NXT Capital CLO 2013-1, LLC
|
| Amount: | $357.94 million
|
| Maturity: | April 2024
|
| Securities: | Floating-rate notes
|
| Structure: | Cash-flow CLO
|
| Placement agents: | Wells Fargo Securities LLC and BMO Capital Markets Corp.
|
| Manager: | NXT Capital Investment Advisors, LLC
|
| Call feature: | April 2015
|
|
|
| Amount: | $200 million
|
| Securities: | Class A floating-rate notes
|
| Coupon: | Libor plus 150 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Amount: | $29 million
|
| Securities: | Class B floating-rate notes
|
| Coupon: | Libor plus 235 bps
|
| Rating: | Moody's: Aa2
|
|
|
| Amount: | $30.75 million
|
| Securities: | Class C floating-rate notes
|
| Coupon: | Libor plus 355 bps
|
| Rating: | Moody's: A2
|
|
|
| Amount: | $16.25 million
|
| Securities: | Class D floating-rate notes
|
| Coupon: | Libor plus 415 bps
|
| Rating: | Moody's: Baa2
|
|
|
| Amount: | $31.25 million
|
| Securities: | Class E floating-rate notes
|
| Coupon: | Libor plus 575 bps
|
| Rating: | Moody's: Ba2
|
|
|
| Amount: | $50.69 million
|
| Securities: | Subordinated notes
|
| Coupon: | Residual
|
| Ratings: | Non-rated
|
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