Chicago, May 17 – Northwoods European CLO Management, LLC sold €407 million in a new collateralized loan obligation offering issued by Northwoods Capital 23 Euro DAC, according to a notice.
The CLO matures March 15, 2034.
The portfolio has €32 million of class A senior secured floating-rate notes at Euribor plus 79 basis points, €164 million of a class A-1 senior secured floating-rate loan at Euribor plus 79 bps, €50 million of a class A-2 senior secured floating-rate loan at Euribor plus 79 bps, €13 million of class B-1 senior secured floating-rate notes at Euribor plus 165 bps and €25 million of class B-2 2% senior secured fixed-rate notes.
In the deferrable classes, there are €28 million of class C mezzanine secured deferrable floating-rate notes at Euribor plus 240 bps, €29 million of class D mezzanine secured deferrable floating-rate notes at Euribor plus 360 bps, €18 million of class E mezzanine secured deferrable floating-rate notes at Euribor plus 621 bps and €13 million of class F mezzanine secured deferrable floating-rate notes at Euribor plus 847 bps.
There are also €35 million of subordinated notes.
Barclays is the underwriter.
Northwoods European CLO is selecting the collateral for the four-year and two-month reinvestment period.
Collateral has to come primarily from senior secured obligations; the majority has to be senior secured loans.
Northwoods European CLO Management is a subsidiary of New York-based alternative investment manager Angelo, Gordon & Co., LP.
| Issuer: | Northwoods Capital 23 Euro DAC
|
| Issue: | Floating-rate notes, fixed-rate notes, floating-rate loan and subordinated notes
|
| Amount: | €407 million
|
| Maturity: | March 15, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays
|
| Manager: | Northwoods European CLO Management, LLC
|
| Settlement date: | May 7
|
|
|
| Class A notes
|
| Amount: | €32 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 79 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A-1 loan
|
| Amount: | €164 million
|
| Securities: | Senior secured floating-rate loan
|
| Coupon: | Euribor plus 79 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A-2 loan
|
| Amount: | €50 million
|
| Securities: | Senior secured floating-rate loan
|
| Coupon: | Euribor plus 79 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class B-1 notes
|
| Amount: | €13 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 165 bps
|
| Rating: | Moody's: Aa2
|
|
|
| Class B-2 notes
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| Amount: | €25 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2%
|
| Rating: | Moody's: Aa2
|
|
|
| Class C notes
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| Amount: | €28 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 240 bps
|
| Rating: | Moody's: A2
|
|
|
| Class D notes
|
| Amount: | €29 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 360 bps
|
| Rating: | Moody's: Baa3
|
|
|
| Class E notes
|
| Amount: | €18 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 621 bps
|
| Rating: | Moody's: Ba3
|
|
|
| Class F notes
|
| Amount: | €13 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 847 bps
|
| Rating: | Moody's: B3
|
|
|
| Subordinated notes
|
| Amount: | €35 million
|
| Securities: | Subordinated notes
|
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