By Cristal Cody
Tupelo, Miss., Oct. 4 – NXT Capital Investment Advisers LLC refinanced $124 million of notes due Oct. 20, 2029 from a circa 2017 middle-market collateralized loan obligation deal, according to a notice of proposed first supplemental indenture on Thursday.
NXT Capital CLO 2017-2 LLC priced $40 million of class B-R senior secured floating-rate notes at Libor plus 190 basis points, $32 million of class C-R secured deferrable floating-rate notes at Libor plus 250 bps, $26 million of class D-R secured deferrable floating-rate notes at Libor plus 390 bps and $26 million of class E-R secured deferrable floating-rate notes at Libor plus 710 bps.
Wells Fargo Securities LLC is the refinancing placement agent.
NXT Capital Investment Advisors will continue to manage the CLO.
The CLO was originally issued on Oct. 20, 2017.
Proceeds will be used to redeem the outstanding notes.
The CLO is backed primarily by middle-market senior secured term loans.
NXT Capital Investment Advisers is a subsidiary of NXT Capital LLC, a Chicago-based middle-market lending and financial services firm.
| Issuer: | NXT Capital CLO 2017-2 LLC
|
| Amount: | $124 million refinancing
|
| Maturity: | Oct. 20, 2029
|
| Securities: | Floating-rate notes
|
| Structure: | Middle-market CLO
|
| Refinancing agent: | Wells Fargo Securities LLC
|
| Manager: | NXT Capital Investment Advisers LLC
|
| Notice date: | Oct. 3
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class B-R notes
|
| Amount: | $40 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Rating: | S&P: AA expected
|
|
|
| Class C-R notes
|
| Amount: | $32 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 250 bps
|
| Rating: | S&P: A expected
|
|
|
| Class D-R notes
|
| Amount: | $26 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 390 bps
|
| Rating: | S&P: BBB- expected
|
|
|
| Class E-R notes
|
| Amount: | $26 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 710 bps
|
| Rating: | S&P: BB expected
|
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