By Rebecca Melvin
New York, April 23 – NXT Capital CLO 2015-1 LLC priced $408,641,000 of notes due April 2027 in a collateralized loan obligation offering, according to a market source.
The deal included six tranches of floating-rate notes and one tranche of subordinated notes.
NXT Capital priced $169.5 million of class A-1 notes (Aaa) at Libor plus 185 basis points, $50 million of class A-2 notes (Aaa) at Libor plus 170 bps, $33 million of class B notes (Aa1) at Libor plus 255 bps, $39 million of class C notes (A2) at Libor plus 365 bps, $29.5 million of class D notes (Baa3) at Libor plus 415 bps, $31 million of class E notes (Ba3) at Libor plus 630 bps and $56,641,000 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 2017, and there is a four-year reinvestment period ending April 2019.
NXT Capital CLO is a small- to medium-enterprise cash-flow CLO.
| Issuer: | NXT Capital CLO 2015-1 LLC
|
| Amount: | $408,641,000
|
| Maturity: | April 2027
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash-flow CLO
|
| Underwriter: | Wells Fargo Securities LLC
|
| Manager: | NXT Capital Investment Advisors, LLC
|
| Call feature: | April 2017
|
| Reinvestment period: | Four years until April 2019
|
| Closing date: | May 2015
|
|
|
| Class A-1 notes
|
| Securities: | Floating-rate notes
|
| Amount: | $169.5 million
|
| Coupon: | Libor plus 185 bps
|
| Rating: | Moody’s: Aaa
|
|
|
| Class A-1 notes
|
| Securities: | Floating-rate notes
|
| Amount: | $50 million
|
| Coupon: | Libor plus 170 bps
|
| Rating: | Moody’s: Aaa
|
|
|
| Class B notes
|
| Securities: | Floating-rate notes
|
| Amount: | $33 million
|
| Coupon: | Libor plus 255 bps
|
| Rating: | Moody’s: Aa1
|
|
|
| Class C notes
|
| Securities: | Floating-rate notes
|
| Amount: | $39 million
|
| Coupon: | Libor plus 365 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class D notes
|
| Securities: | Floating-rate notes
|
| Amount: | $29.5 million
|
| Coupon: | Libor plus 415 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class E notes
|
| Securities: | Floating-rate notes
|
| Amount: | $31 million
|
| Coupon: | Libor plus 630 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Subordinated notes
|
| Securities: | Subordinated notes
|
| Amount: | $56,641,000
|
| Coupon: | Residual
|
| Rating: | Non-rated
|
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