Angelo, Gordon to price $504.7 million Northwoods Capital XVI CLO

By Cristal Cody

Tupelo, Miss., Sept. 29 – Angelo, Gordon & Co., LP plans to price a $504.7 million new collateralized loan obligation offering of notes due Nov. 15, 2030, according to a market source.

The Northwoods Capital XVI, Ltd./Northwoods Capital XVI, LLC deal is expected to include $317.5 million of class A floating-rate notes (AAA); $60 million of class B floating-rate notes; $30 million of class C floating-rate notes; $27.5 million of class D floating-rate notes; $25 million of class E floating-rate notes and $44.7 million of subordinated notes.

Barclays is the placement agent.

Angelo, Gordon will manage the CLO.

The CLO will have a two-year non-call period and a five-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 $500 million of mostly senior secured leveraged loans.

Angelo Gordon has priced one new CLO and refinanced two vintage CLOs year to date.

The alternative investment manager is based in New York.

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