By Cristal Cody
Tupelo, Miss., July 6 – Northwoods European CLO Management, LLC priced €204.7 million of notes due June 16, 2033 in a new collateralized loan obligation offering, according to market sources.
Northwoods Capital 21 Euro DAC sold €106 million of class A senior secured floating-rate notes at Euribor plus 150 basis points and €25.6 million of class B senior secured floating-rate notes at Euribor plus 220 bps.
The CLO also priced €11.8 million of class C mezzanine secured deferrable floating-rate notes at Euribor plus 320 bps; €15.5 million of class D mezzanine secured deferrable floating-rate notes at Euribor plus 450 bps; €13.1 million of class E mezzanine secured deferrable floating-rate notes at Euribor plus 686 bps, €4 million of class F secured deferrable floating-rate notes at Euribor plus 809 bps and €28.7 million of subordinated notes.
BofA Securities Europe SA arranged the transaction.
Northwoods European CLO Management will manage the CLO.
The transaction is backed primarily by broadly syndicated first-lien senior secured corporate loans and bonds.
Northwoods European CLO Management is a subsidiary of New York-based alternative investment manager Angelo, Gordon & Co., LP.
| Issuer: | Northwoods Capital 21 Euro DAC
|
| Amount: | €204.7 million
|
| Maturity: | June 16, 2033
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | BofA Securities Europe SA
|
| Manager: | Northwoods European CLO Management, LLC
|
| Settlement date: | July 23
|
|
|
| Class A notes
|
| Amount: | €106 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 150 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class B notes
|
| Amount: | €25.6 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 220 bps
|
| Ratings: | Moody’s: Aa2
|
| S&P: AA
|
|
|
| Class C notes
|
| Amount: | €11.8 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 320 bps
|
| Ratings: | Moody’s: A2
|
| S&P: A
|
|
|
| Class D notes
|
| Amount: | €15.5 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 450 bps
|
| Ratings: | Moody’s: Baa3
|
| S&P: BBB
|
|
|
| Class E notes
|
| Amount: | €13.1 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 686 bps
|
| Ratings: | Moody’s: Ba3
|
| S&P: BB-
|
|
|
| Class F notes
|
| Amount: | €4 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 809 bps
|
| Ratings: | Moody’s: Ba3
|
| S&P: B-
|
|
|
| Equity
|
| Amount: | €28.7 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
