By Cristal Cody
Tupelo, Miss., Sept. 18 – NCC CLO Manager LLC priced $404.8 million of loans and notes due Oct. 15, 2032 in the manager’s second broadly syndicated collateralized loan obligation offering of the year, according to a market source.
Nassau 2019-II Ltd./Nassau 2019-II LLC sold $198 million of class AL loans at Libor plus 145 basis points, $33 million of class AN senior secured floating-rate notes at Libor plus 145 bps and $25 million of 2.83% class AF senior secured fixed-rate notes.
The CLO also priced $20 million of class BN senior secured floating-rate notes at Libor plus 245 bps, $28 million of 4.1% class BF senior secured fixed-rate notes, $20 million of class C senior secured deferrable floating-rate notes at Libor plus 345 bps, $24 million of class D senior secured deferrable floating-rate notes at Libor plus 449 bps, $20 million of class E senior secured deferrable floating-rate notes at Libor plus 763 bps and $36.8 million of subordinated notes.
Natixis Securities Americas LLC arranged the offering.
Nassau 2019-II is collateralized primarily by first-lien senior secured corporate loans.
The CLO manager was in the primary market in 2018 with two CLO transactions.
NCC CLO Manager is an adviser of Darien, Conn.-based Nassau Corporate Credit LLC.
| Issuer: | Nassau 2019-II Ltd./Nassau 2019-II LLC
|
| Amount: | $404.8 million
|
| Maturity: | Oct. 15, 2032
|
| Securities: | Loans and fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Natixis Securities Americas LLC
|
| Manager: | NCC CLO Manager LLC
|
| Pricing date: | Aug. 16
|
| Settlement date: | Sept. 16
|
|
|
| Class AL loans
|
| Amount: | $198 million
|
| Securities: | Loans
|
| Coupon: | Libor plus 145 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class AN notes
|
| Amount: | $33 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 145 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class AF notes
|
| Amount: | $25 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.83%
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class BN notes
|
| Amount: | $20 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 245 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class BF notes
|
| Amount: | $28 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 4.1%
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C notes
|
| Amount: | $20 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 345 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class D notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 449 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Class E notes
|
| Amount: | $20 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 763 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Equity
|
| Amount: | $36.8 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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