By Cristal Cody
Tupelo, Miss., Dec. 1 – Angelo, Gordon & Co., LP sold $507.3 million of notes due 2025 in the Northwoods Capital XIV Ltd./Northwoods Capital XIV LLC collateralized loan obligation transaction, according to a market source.
The CLO priced $316 million of class A senior secured floating-rate notes (Aaa/AAA/) at Libor plus 160 basis points; $58 million of class B senior secured floating-rate notes (/AA/) at Libor plus 246 bps; $41 million of class C deferrable floating-rate notes (/A/) at Libor plus 335 bps; $23.5 million of class D deferrable floating-rate notes (/BBB/) at Libor plus 395 bps; $24 million of class E deferrable floating-rate notes (/BB/) at Libor plus 535 bps and $44.8 million of subordinated notes.
Goldman Sachs & Co. was the placement agent.
Angelo, Gordon & Co. will manage the CLO.
The CLO has a two-year non-call period and a four-year reinvestment period.
The transaction is backed primarily by broadly syndicated senior secured corporate loans.
Angelo, Gordon & Co. previously priced the $617.8 million Northwoods Capital XII Ltd./Northwoods Capital XII LLC deal on Aug. 7. The firm also brought the $621.8 million Northwoods Capital XI, Ltd./Northwoods Capital XI, LLC offering on March 12, 2014.
The alternative investment manager is based in New York City.
| Issuer: | Northwoods Capital XIV Ltd./Northwoods Capital XIV LLC
|
| Amount: | $507.3 million
|
| Maturity: | 2025
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Goldman Sachs & Co.
|
| Manager: | Angelo, Gordon & Co., LP
|
| Call feature: | Two years
|
| Pricing date: | Nov. 18
|
| Settlement date: | Dec. 16
|
|
|
| Class A notes
|
| Amount: | $316 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Ratings: | Moody’s: Aaa
|
| Standard & Poor’s: AAA
|
|
|
| Class B notes
|
| Amount: | $58 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 246 bps
|
| Rating: | Standard & Poor’s: AA
|
|
|
| Class C notes
|
| Amount: | $41 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 335 bps
|
| Rating: | Standard & Poor’s: A
|
|
|
| Class D notes
|
| Amount: | $23.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 395 bps
|
| Rating: | Standard & Poor’s: BBB
|
|
|
| Class E notes
|
| Amount: | $24 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 535 bps
|
| Rating: | Standard & Poor’s: BB
|
|
|
| Equity tranche
|
| Amount: | $44.8 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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