By Cristal Cody
Tupelo, Miss., Dec. 8 – NXT Capital Investment Advisers LLC priced $452,775,000 of notes due Jan. 20, 2031 in the manager’s first new middle-market collateralized loan obligation deal since 2017, according to market sources.
NXT Capital CLO 2020-1 LLC priced $241,875,000 of class A floating-rate notes at Libor plus 185 basis points, $45 million of class B floating-rate notes at Libor plus 240 bps, $38.25 million of class C floating-rate notes at Libor plus 335 bps and $127.65 million of membership interests.
Wells Fargo Securities LLC was the placement agent.
NXT Capital Investment Advisors will manage the CLO.
The offering has a one-year non-call period and a three-year reinvestment period.
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 2020-1 LLC
|
| Amount: | $452,775,000
|
| Maturity: | Jan. 20, 2031
|
| Securities: | Floating-rate notes and membership interests
|
| Structure: | Middle-market CLO
|
| Placement agent: | Wells Fargo Securities LLC
|
| Manager: | NXT Capital Investment Advisers LLC
|
| Call feature: | One year
|
| Settlement date: | Dec. 18
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class A notes
|
| Amount: | $241,875,000
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 185 bps
|
| Ratings: | Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $45 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 240 bps
|
| Ratings: | Fitch: AA
|
|
|
| Class C notes
|
| Amount: | $38.25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 335 bps
|
| Ratings: | Fitch: A
|
|
|
| Equity
|
| Amount: | $127.65 million
|
| Securities: | Membership interests
|
| Ratings: | Non-rated
|
|
|
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