NXT Capital closes on $358 million CLO, to be 'regular CLO issuer'

By Cristal Cody

Tupelo, Miss., April 8 - NXT Capital, LLC said on Monday that it closed on its previously announced collateralized loan obligation offering of $358 million of notes due April 2024.

NXT Capital CLO 2013-1, LLC sold five tranches of floating-rate notes and one tranche of subordinated notes.

NXT said pricing on the $200 million tranche of class A notes (Aaa/AAA/) at Libor plus 150 basis points "was a post-crisis low for an exclusively middle-market CLO."

Wells Fargo Securities, LLC was the bookrunner, and BMO Capital Markets GKST Inc. was the co-lead manager.

NXT Capital Investment Advisors, LLC will manage the cash flow CLO, which is secured by middle-market senior secured loans originated by NXT.

The offering is NXT Capital's second CLO in less than a year.

"NXT expects to be a regular CLO issuer as we continue to expand and diversify our funding platform," Neil Rudd, NXT Capital's chief financial officer, said in the release.

Chicago-based NXT Capital provides structured financing solutions to middle-market and emerging growth companies and real estate investors.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.