By Cristal Cody
Tupelo, Miss., April 24 – NXT Capital LLC subsidiary NXT Capital Investment Advisers LLC priced $99.5 million of notes due April 21, 2027 in a second refinancing of a 2015 middle-market collateralized loan obligation offering, according to a notice of executed second supplemental indenture on Tuesday.
NXT Capital CLO 2015-1 LLC sold $39 million of class C-R2 secured deferrable floating-rate notes at Libor plus 220 basis points, $29.5 million of class D-R2 secured deferrable floating-rate notes at Libor plus 330 bps and $31 million tranche of class E-R secured deferrable floating-rate notes at Libor plus 630 bps.
Wells Fargo Securities LLC was the refinancing placement agent.
NXT Capital Investment Advisors will continue to manage the CLO.
In the first refinancing of $321 million of notes on Jan. 22, 2018, the CLO priced $219.5 million of class A-R senior secured floating-rate notes at Libor plus 115 bps; $33 million of class B-R senior secured floating-rate notes at Libor plus 160 bps; $39 million of class C-R secured deferrable floating-rate notes at Libor plus 220 bps and $29.5 million of class D-R secured deferrable floating-rate notes at Libor plus 330 bps.
NXT Capital originally issued the notes on May 13, 2015. In that offering, the CLO sold $169.5 million of class A-1 notes at Libor plus 185 bps, $50 million of class A-2 notes at Libor plus 170 bps, $33 million of class B notes at Libor plus 255 bps, $39 million of class C notes at Libor plus 365 bps, $29.5 million of class D notes at Libor plus 415 bps, $31 million of class E notes at Libor plus 630 bps and $56,641,000 of non-rated subordinated notes with a residual coupon.
Proceeds from the second refinancing were used to redeem the class C-R, D-R and E notes.
The CLO is backed primarily by senior secured small and medium enterprise loans.
NXT Capital is a middle-market lending and financial services firm based in Chicago.
| Issuer: | NXT Capital CLO 2015-1 LLC
|
| Amount: | $99.5 million refinancing
|
| Maturity: | April 21, 2027
|
| Securities: | Floating-rate notes
|
| Structure: | Middle-market CLO
|
| Refinancing agent: | Wells Fargo Securities LLC
|
| Manager: | NXT Capital CLO 2014-1, LLC
|
| Settlement date: | April 22
|
|
|
| Class C-R2 notes
|
| Amount: | $39 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 220 bps
|
| Rating: | Moody’s: A1
|
|
|
| Class D-R2 notes
|
| Amount: | $29.5 million
|
| Securities: | Secured deferrable floating-rate notes
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| Coupon: | Libor plus 330 bps
|
| Rating: | Moody’s: Baa2
|
|
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| Class E-R2 notes
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| Amount: | $31 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 630 bps
|
| Rating: | Moody’s: Ba3
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