By Cristal Cody
Tupelo, Miss., Jan. 23 – NXT Capital LLC subsidiary NXT Capital Investment Advisers LLC priced $321 million of notes due April 21, 2027 in a refinancing of a 2015 middle-market collateralized loan obligation offering, according to a market source and a notice of executed first supplemental indenture on Monday.
NXT Capital CLO 2015-1 LLC sold $219.5 million of class A-R senior secured floating-rate notes at Libor plus 115 basis points; $33 million of class B-R senior secured floating-rate notes at Libor plus 160 bps; $39 million of class C-R secured deferrable floating-rate notes at Libor plus 220 bps and $29.5 million of class D-R secured deferrable floating-rate notes at Libor plus 330 bps.
The original $31 million tranche of class E floating-rate notes that priced at Libor plus 630 bps will remain outstanding.
Wells Fargo Securities LLC arranged the deal.
NXT Capital Investment Advisors will manage the CLO.
NXT Capital originally issued the notes on May 13, 2015. The CLO sold $169.5 million of class A-1 notes at Libor plus 185 bps, $50 million of class A-2 notes at Libor plus 170 bps, $33 million of class B notes at Libor plus 255 bps, $39 million of class C notes at Libor plus 365 bps, $29.5 million of class D notes at Libor plus 415 bps, $31 million of class E notes at Libor plus 630 bps and $56,641,000 of non-rated subordinated notes with a residual coupon.
Proceeds from the refinancing were used to redeem the original class A-1, A-2, B, C and D notes.
The deal is backed primarily by senior secured small and medium enterprise loans.
NXT Capital priced one new CLO and refinanced one vintage CLO in 2017.
The middle-market lending and financial services firm is based in Chicago.
| Issuer: | NXT Capital CLO 2015-1 LLC
|
| Amount: | $321 million refinancing
|
| Maturity: | April 21, 2027
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Wells Fargo Securities LLC
|
| Manager: | NXT Capital Investment Advisers LLC
|
| Settlement date: | Jan. 22
|
|
|
| Class A-R notes
|
| Amount: | $219.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 115 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class B-R notes
|
| Amount: | $33 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Ratings: | Moody’s: Aa1
|
| S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $39 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 220 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class D-R notes
|
| Amount: | $29.5 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 330 bps
|
| Rating: | Moody’s: Baa3
|
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