By Cristal Cody
Tupelo, Miss., Nov. 20 – NCC CLO Manager LLC priced $611.9 million of notes due Oct. 15, 2031 in a new broadly syndicated collateralized loan obligation offering that closed on Tuesday, according to a market source.
Nassau 2018-II Ltd./Nassau 2018-II LLC sold $384 million of class A senior secured floating-rate notes at Libor plus 128 basis points; $69.6 million of class B senior secured floating-rate notes at Libor plus 210 bps; $29.4 million of class C senior secured deferrable floating-rate notes at Libor plus 255 bps; $38.7 million of class D senior secured deferrable floating-rate notes at Libor plus 341 bps; $30.3 million of class E secured deferrable floating-rate notes at Libor plus 638 bps and $59.9 million of subordinated notes.
J.P. Morgan Securities LLC arranged the offering.
NCC CLO Manager will manage the CLO.
The CLO has a two-year non-call period and a five-year reinvestment period.
The company issued its first CLO deal, the $438 million Nassau 2017-I Ltd./Nassau 2017-I LLC transaction, in 2017. NCC CLO manager has priced two CLOs year to date.
NCC CLO Manager is an adviser of Darien, Conn.-based Nassau Corporate Credit LLC.
| Issuer: | Nassau 2018-II Ltd./Nassau 2018-II LLC
|
| Amount: | $611.9 million
|
| Maturity: | Oct. 15, 2031
|
| Securities: | 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: | Oct. 26
|
| Settlement date: | Nov. 20
|
|
|
| Class A notes
|
| Amount: | $384 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 128 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $69.6 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 210 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C notes
|
| Amount: | $29.4 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 255 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class D notes
|
| Amount: | $38.7 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 341 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class E notes
|
| Amount: | $30.3 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 638 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Equity
|
| Amount: | $59.9 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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