By Rebecca Melvin
New York, April 22 -NXT Capital CLO 2014-1, LLC priced $357.45 million of notes due April 2026 in a collateralized loan obligation offering, according to a market source.
The deal included five tranches of floating-rate notes, one tranche of fixed-rate notes and one tranche of subordinated notes.
NXT Capital priced $188.75 million of class A notes (/AAA/) at Libor plus 175 basis points, $24 million of class B-1 notes (/AA/) at Libor plus 250 bps, $5 million of class B-2 notes (/AA/) at 4.756%, $37.25 million of class C notes (not rated) at Libor plus 350 bps, $16 million of class D notes at Libor plus 400 bps, $32 million of class E notes at Libor plus 550 bps and $54.45 million of non-rated subordinated notes with a residual coupon.
Wells Fargo Securities LLC was the underwriter.
The CLO manager is NXT Capital Investment Advisors, LLC.
The non-call period for the notes ends April 2016.
NXT Capital CLO is a small- to medium-enterprise cash-flow CLO.
| Issuer: | NXT Capital CLO 2014-1, LLC
|
| Amount: | $357,449,000
|
| Maturity: | April 2026
|
| Securities: | Floating- and fixed-rate notes
|
| Structure: | Cash-flow CLO
|
| Underwriter: | Wells Fargo Securities LLC
|
| Manager: | NXT Capital Investment Advisors, LLC
|
| Call feature: | April 2016
|
|
|
| Class A notes
|
| Securities: | Class A floating-rate notes
|
| Amount: | $188.75 million
|
| Coupon: | Libor plus 175 bps
|
| Rating: | Standard & Poor's: AAA
|
|
|
| Class B-1 notes
|
| Securities: | Class B-1 floating-rate notes
|
| Amount: | $24 million
|
| Coupon: | Libor plus 250 bps
|
| Rating: | Standard & Poor's: AA
|
|
|
| Class B-2 notes
|
| Securities: | Class B-2 fixed-rate notes
|
| Amount: | $5 million
|
| Coupon: | 4.756%
|
| Rating: | Standard & Poor's: AA
|
|
|
| Class C notes
|
| Securities: | Class C floating-rate notes
|
| Amount: | $37.25 million
|
| Coupon: | Libor plus 350 bps
|
| Rating: | Not rated
|
|
|
| Class D notes
|
| Securities: | Class D floating-rate notes
|
| Amount: | $16 million
|
| Coupon: | Libor plus 400 bps
|
| Rating: | Not rated
|
|
|
| Class E notes
|
| Securities: | Class E floating-rate notes
|
| Amount: | $32 million
|
| Coupon: | Libor plus 550 bps
|
| Rating: | Not rated
|
|
|
| Subordinated notes
|
| Securities: | Subordinated notes
|
| Amount: | $54,449,000
|
| Coupon: | Residual
|
| Rating: | Non-rated
|
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