Chicago, June 8 – NXT Capital LLC subsidiary NXT Capital Investment Advisers LLC conducted a second refinancing of the CLO originally issued in April 2017 by NXT Capital CLO 2017-1 LLC, according to a pre-sale report.
The first refinancing did not include the entire transaction.
The maturity date is now July 20, 2033. Originally, the notes were due April 20, 2029.
The refinancing notes are the $232 million of class A-R senior secured floating-rate notes at Libor plus 163 basis points, $40 million of class B-RR senior secured floating-rate notes at Libor plus 200 bps, $31.75 million of class C-RR senior secured deferrable floating-rate notes at Libor plus 285 bps, $24.8 million of class D-RR senior secured deferrable floating-rate notes at Libor plus 400 bps and $73.88 million of subordinated notes.
In the 2019 refinancing, the CLO sold $39.7 million of class B-R senior secured floating-rate notes at Libor plus 235 bps, $31.75 million of class C-R secured deferrable floating-rate notes at Libor plus 310 bps, $24.8 million of class D-R secured deferrable floating-rate notes at Libor plus 410 bps and $26.4 million of class E-R secured deferrable floating-rate notes at Libor plus 735 bps.
Originally, the CLO sold $226.7 million of class A floating-rate notes at par to yield Libor plus 170 bps; $39.7 million of class B floating-rate notes at par to yield Libor plus 235 bps; $31.75 million of class C deferrable floating-rate notes at par to yield Libor plus 310 bps; $24.8 million of class D deferrable floating-rate notes at 97.557 and a coupon of Libor plus 410 bps; $26.4 million of class E deferrable floating-rate notes at 95.097 and a coupon of Libor plus 735 bps and $57 million of subordinated notes.
Wells Fargo Securities LLC was the initial purchaser.
The notes have two years of call protection.
NXT Capital will select the portfolio underlying the notes during the reinvestment period which ends July 20, 2025.
Collateral consists of middle-market speculative-grade senior secured term loans.
NXT Capital is a Chicago-based middle-market lending and financial services firm.
| Issuer: | NXT Capital CLO 2017-1 LLC
|
| Issue: | Floating-rate and subordinated notes
|
| Amount: | $403.9 million
|
| Maturity: | July 20, 2033
|
| Structure: | Cash flow CLO
|
| Placement agent: | Wells Fargo Securities LLC
|
| Manager: | NXT Capital Investment Advisers LLC
|
| Call feature: | June 10, 2023
|
| Settlement date: | June 10
|
|
|
| Class A-R notes
|
| Amount: | $232 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 163 bps
|
| Rating: | Moody's: AAA
|
|
|
| Class B-RR notes
|
| Amount: | $40 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Rating: | Moody's: AA
|
|
|
| Class C-RR notes
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| Amount: | $31.75 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 285 bps
|
| Rating: | Moody's: A
|
|
|
| Class D-RR notes
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| Amount: | $24.8 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 400 bps
|
| Rating: | Moody's: BBB-
|
|
|
| Subordinated notes
|
| Amount: | $73.88 million
|
| Securities: | Subordinated notes
|
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