By Cristal Cody
Tupelo, Miss., Nov. 2 – Angelo, Gordon & Co., LP priced $502.6 million of notes due Nov. 13, 2031 in a new collateralized loan obligation deal, according to a market source.
Northwoods Capital XIV-B, Ltd./Northwoods Capital XIV-B, LLC sold $2 million of class X floating-rate notes at Libor plus 75 basis points, $320 million of class A floating-rate notes at Libor plus 130 bps and $55 million of class B floating-rate notes at Libor plus 173 bps.
The CLO also priced $25 million of class C floating-rate notes at Libor plus 235 bps; $32.5 million of class D floating-rate notes at Libor plus 340 bps; $27.5 million of class E floating-rate notes at Libor plus 619 bps; $6 million of class F floating-rate notes at Libor plus 826 bps and $34.6 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.
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 XIV-B, Ltd./Northwoods Capital XIV-B, LLC
|
| Amount: | $502.6 million
|
| Maturity: | Nov. 13, 2031
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays
|
| Manager: | Angelo, Gordon & Co., LP
|
| Call feature: | Two years
|
| Settlement date: | Nov. 13
|
| Distribution: | Rule 144A
|
|
|
| Class X notes
|
| Amount: | $2 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 75 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class A notes
|
| Amount: | $320 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 130 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $55 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 173 bps
|
| Ratings: | Non-rated
|
|
|
| Class C notes
|
| Amount: | $25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 235 bps
|
| Ratings: | Non-rated
|
|
|
| Class D notes
|
| Amount: | $32.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 340 bps
|
| Ratings: | Non-rated
|
|
|
| Class E notes
|
| Amount: | $27.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 619 bps
|
| Rating: | Non-rated
|
|
|
| Class F notes
|
| Amount: | $6 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 826 bps
|
| Ratings: | Non-rated
|
|
|
| Equity
|
| Amount: | $34.6 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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