By Cristal Cody
Tupelo, Miss., Aug. 1 – NCC CLO Manager LLC priced $438 million of notes due Oct. 15, 2029 in a debut collateralized loan obligation deal, according to a market source.
Nassau 2017-I Ltd./Nassau 2017-I LLC sold $231.3 million of class A-1-T floating-rate notes at Libor plus 132 basis points, $30 million of 3.2781% class A-1-F fixed-rate notes and $59.5 million of class A-2 floating-rate notes at Libor plus 180 bps.
The CLO sold $29.8 million of class B floating-rate notes at Libor plus 270 bps, $21.2 million of class C floating-rate notes at Libor plus 385 bps, $19.2 million of class D floating-rate notes at Libor plus 618 bps and $47 million of subordinated notes.
Natixis Securities Americas LLC arranged the offering.
NCC CLO Manager will manage the CLO.
The CLO has a two-year non-call period and a four-year reinvestment period.
Proceeds will be used to purchase a roughly $425 million portfolio of mostly first-lien senior secured loans.
The CLO is backed by broadly syndicated first-lien senior secured corporate loans.
NCC CLO Manager is an adviser of Darien, Conn.-based Nassau Corporate Credit LLC.
| Issuer: | Nassau 2017-I Ltd./Nassau 2017-I LLC
|
| Amount: | $438 million
|
| Maturity: | Oct. 15, 2029
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Natixis Securities Americas LLC
|
| Manager: | NCC CLO Manager LLC
|
| Call feature: | Two years
|
| Pricing date: | July 26
|
| Settlement date: | Aug. 17
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class A-1-T notes
|
| Amount: | $231.3 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 132 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class A-1-F notes
|
| Amount: | $30 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 3.2781%
|
| Rating: | Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $59.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 180 bps
|
| Rating: | Non-rated
|
|
|
| Class B notes
|
| Amount: | $29.8 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 270 bps
|
| Rating: | Non-rated
|
|
|
| Class C notes
|
| Amount: | $21.2 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 385 bps
|
| Rating: | Non-rated
|
|
|
| Class D notes
|
| Amount: | $19.2 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 618 bps
|
| Rating: | Non-rated
|
|
|
| Equity
|
| Amount: | $47 million
|
| Securities: | Subordinated notes
|
| Rating: | Non-rated
|
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