Chicago, Sept. 1 – NCC CLO Manager sold $354.75 million in a collateralized loan obligation being issued by Nassau 2021-I Ltd./Nassau 2021-I LLC, according to a pre-sale report.
The notes will mature on Aug. 26, 2034.
The CLO consists of $181.295 million of class A-1 senior secured floating-rate notes at Libor plus 125 basis points, $35.705 million of class A-2 2.22% senior secured fixed-rate notes, $22.45 million of class B-1 senior secured floating-rate notes at Libor plus 195 bps, $26.55 million of class B-2 3.01% senior secured fixed-rate notes, $21 million of class C senior secured deferrable floating-rate notes at Libor plus 260 bps, $17.5 million of class D senior secured deferrable floating-rate notes at Libor plus 375 bps, $14 million of class E senior secured deferrable floating-rate notes at Libor plus 740 bps, $18.125 million of class A subordinated notes and $18.125 million of class B subordinated notes.
NCC CLO Manager will manage the collateral through the end of the reinvestment period on Aug. 26, 2026.
The notes can be called starting Aug. 26, 2023.
Mizuho Securities USA LLC and Natixis Securities Americas LLC were the placement agents.
NCC CLO Manager is an adviser of Darien, Conn.-based Nassau Corporate Credit LLC.
| Issuer: | Nassau 2021-I Ltd./Nassau 2021-I LLC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $354.75 million
|
| Maturity: | Aug. 26, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | Mizuho Securities USA LLC and Natixis Securities Americas LLC
|
| Manager: | NCC CLO Manager
|
| Call feature: | Aug. 26, 2023
|
| Settlement date: | Aug. 26
|
|
|
| Class A-1 notes
|
| Amount: | $181.295 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 125 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $35.705 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.22%
|
| Rating: | S&P: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $22.45 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 195 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-2 notes
|
| Amount: | $26.55 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 3.01%
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $21 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 260 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $17.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 375 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $14 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 740 bps
|
| Rating: | S&P: BB-
|
|
|
| Class A subordinated notes
|
| Amount: | $18.125 million
|
| Securities: | Subordinated notes
|
|
|
| Class B subordinated notes
|
| Amount: | $18.125
|
| Securities: | Subordinated notes
|
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