By Cristal Cody
Tupelo, Miss., May 24 – Angelo, Gordon & Co., LP priced $453.8 million of notes due June 20, 2029 in a new collateralized loan obligation deal, according to a market source.
Northwoods Capital XV, Ltd./Northwoods Capital XV, LLC priced $285.75 million of class A senior secured floating-rate notes at Libor plus 130 basis points; $44 million of class B-1 senior secured floating-rate notes at Libor plus 160 bps; $10 million of 3.77% class B-2 senior secured fixed-rate notes; $19.5 million of class C-1 mezzanine secured deferrable floating-rate notes at Libor plus 265 bps; $7.5 million of 4.5% class C-2 mezzanine secured deferrable fixed-rate notes; $24.75 million of class D mezzanine secured deferrable floating-rate notes at Libor plus 375 bps; $22.5 million of class E mezzanine secured deferrable floating-rate notes at Libor plus 625 bps and $39.8 million of subordinated notes.
Barclays arranged the transaction.
Angelo, Gordon will manage the CLO.
The CLO has a two-year non-call period and a four-year reinvestment period.
The deal is backed primarily by broadly syndicated first-lien senior secured corporate loans.
Proceeds will be used to purchase a portfolio of about $450 million of mostly senior secured leveraged loans.
The CLO manager has priced one new CLO and refinanced two vintage CLOs year to date. The firm was last in the CLO primary market in 2014.
Angelo, Gordon is an alternative investment manager based in New York.
| Issuer: | Northwoods Capital XV, Ltd./Northwoods Capital XV, LLC
|
| Amount: | $453.8 million
|
| Maturity: | June 20, 2029
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Barclays
|
| Manager: | Angelo, Gordon & Co., LP
|
| Call feature: | Two years
|
| Pricing date: | May 12
|
| Settlement date: | June 15
|
| Distribution: | Rule 144A
|
|
|
| Class A notes
|
| Amount: | $285.75 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 130 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $44 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class B-2 notes
|
| Amount: | $10 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 3.77%
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C-1 notes
|
| Amount: | $19.5 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 265 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class C-2 notes
|
| Amount: | $7.5 million
|
| Securities: | Mezzanine secured deferrable fixed-rate notes
|
| Coupon: | 4.5%
|
| Rating: | Moody’s: A2
|
|
|
| Class D notes
|
| Amount: | $24.75 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 375 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class E notes
|
| Amount: | $22.5 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 625 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Equity
|
| Amount: | $39.8 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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