By Cristal Cody
Tupelo, Miss., June 7 – Angelo, Gordon & Co., LP priced $602.9 million of notes due June 15, 2031 in a new collateralized loan obligation deal, according to a market source on Thursday.
Northwoods Capital XII-B, Ltd./Northwoods Capital XII-B, LLC sold $3.5 million of class X floating-rate notes at Libor plus 75 basis points, $305 million of class A-1 floating-rate notes at Libor plus 111 bps and $77.4 million of class A-2 floating-rate notes at Libor plus 96 bps, which step up to Libor plus 161 bps on and after the December 2020 payment date.
The CLO also priced $71.7 million of class B floating-rate notes at Libor plus 185 bps; $31.35 million of class C floating-rate notes at Libor plus 220 bps; $37.35 million of class D floating-rate notes at Libor plus 315 bps; $26.9 million of class E floating-rate notes at Libor plus 585 bps; $6 million of class F floating-rate notes at Libor plus 820 bps and $43.7 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 five-year reinvestment period.
Proceeds will be used to purchase a portfolio of mostly senior secured leveraged loans.
The deal is backed primarily by broadly syndicated first-lien senior secured corporate loans.
Angelo, Gordon is an alternative investment manager based in New York.
| Issuer: | Northwoods Capital XII-B, Ltd./Northwoods Capital XII-B, LLC
|
| Amount: | $602.9 million
|
| Maturity: | June 15, 2031
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays
|
| Manager: | Angelo, Gordon & Co., LP
|
| Call feature: | Two years
|
| Pricing date: | June 7
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class X notes
|
| Amount: | $3.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 75 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class A-1 notes
|
| Amount: | $305 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 111 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class A-2 notes
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| Amount: | $77.4 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 96 bps; steps up to Libor plus 161 bps in December 2020
|
| Rating: | Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $71.7 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 185 bps
|
| Ratings: | Non-rated
|
|
|
| Class C notes
|
| Amount: | $31.35 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 220 bps
|
| Ratings: | Non-rated
|
|
|
| Class D notes
|
| Amount: | $37.35 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 315 bps
|
| Ratings: | Non-rated
|
|
|
| Class E notes
|
| Amount: | $26.9 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 585 bps
|
| Ratings: | Non-rated
|
|
|
| Class F notes
|
| Amount: | $6 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 820 bps
|
| Ratings: | Non-rated
|
|
|
| Equity
|
| Amount: | $43.7 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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