By Cristal Cody
Tupelo, Miss., April 18 – NCC CLO Manager LLC priced $503.31 million of loans and notes due April 15, 2031 in a new broadly syndicated collateralized loan obligation offering, according to market sources.
Nassau 2019-I Ltd./Nassau 2019-I LLC sold $70 million of class AN-A floating-rate notes at Libor plus 151 basis points, $296,875,000 of class A-L loans at Libor plus 165 bps and $13,125,000 of class AN-B floating-rate notes at Libor plus 230 bps.
The CLO sold $21.75 million of class B floating-rate notes at Libor plus 315 bps, $30 million of class C floating-rate notes at Libor plus 410 bps, $28.25 million of class D floating-rate notes at Libor plus 702 bps and $43.31 million of subordinated notes.
J.P. Morgan Securities LLC arranged the offering.
NCC CLO Manager will manage the CLO, which has a two-year non-call period and a four-year reinvestment period.
Nassau 2019-I is collateralized entirely by first-lien senior secured corporate loans.
The CLO manager priced two CLO transactions in 2018.
NCC CLO Manager is an adviser of Darien, Conn.-based Nassau Corporate Credit LLC.
| Issuer: | Nassau 2019-I Ltd./Nassau 2019-I LLC
|
| Amount: | $503.31 million
|
| Maturity: | April 15, 2031
|
| Securities: | Loans and floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities LLC
|
| Manager: | NCC CLO Manager LLC
|
| Call feature: | Two years
|
| Pricing date: | April 11
|
| Settlement date: | May 7
|
|
|
| Class AN-A notes
|
| Amount: | $70 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 151 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class A-L loans
|
| Amount: | $296,875,000
|
| Securities: | Loans
|
| Coupon: | Libor plus 165 bps
|
| Rating: | Non-rated
|
|
|
| Class AN-B notes
|
| Amount: | $13,125,000
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 230 bps
|
| Rating: | Non-rated
|
|
|
| Class B notes
|
| Amount: | $21.75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 315 bps
|
| Rating: | Non-rated
|
|
|
| Class C notes
|
| Amount: | $30 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 410 bps
|
| Rating: | Non-rated
|
|
|
| Class D notes
|
| Amount: | $28.25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 702 bps
|
| Rating: | Non-rated
|
|
|
| Equity
|
| Amount: | $43.31 million
|
| Securities: | Subordinated notes
|
| Rating: | Non-rated
|
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