Chicago, Feb. 7 – Northwoods European CLO Management LLC sold €404.4 million in a collateralized loan obligation issued by Northwoods Capital 24 Euro DAC, according to an indenture and multiple notices.
The notes will mature on Oct. 15, 2035.
The CLO consists of €236 million of class A senior secured floating-rate notes at Euribor plus 97 basis points, €25.5 million of class B-1 senior secured floating-rate notes at Euribor plus 180 bps, €22.5 million of class B-2 2.15% senior secured fixed-rate notes, €29 million of class C senior secured deferrable floating-rate notes at Euribor plus 235 bps, €28 million of class D senior secured deferrable floating-rate notes at Euribor plus 330 bps, €19 million of class E senior secured deferrable floating-rate notes at Euribor plus 636 bps, €12 million of class F senior secured deferrable floating-rate notes at Euribor plus 884 bps, €1,000 of class Z senior deferrable floating-rate notes at Euribor plus bps and €32.4 million of subordinated notes..
Northwoods European CLO Management LLC will manage the collateral through the end of the reinvestment period on July 15, 2026.
Collateral for the notes comes from senior, mezzanine, second-lien loans, first-lien and high-yield bonds.
The notes can be called starting June 22, 2023.
Citigroup Global Markets Ltd. was the placement agent.
Northwoods European CLO Management is a subsidiary of New York-based alternative investment manager Angelo, Gordon & Co., LP.
| Issuer: | Northwoods Capital 24 Euro DAC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | €404.4 million
|
| Maturity: | Oct. 15, 2035
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Ltd.
|
| Manager: | Northwoods European CLO Management LLC
|
| Call feature: | June 22, 2023
|
| Settlement date: | Dec. 21
|
|
|
| Class A notes
|
| Amount: | €236 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 97 bps
|
| Rating: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | €25.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 180 bps
|
| Rating: | S&P: AA
|
| Fitch: AA
|
|
|
| Class B-2 notes
|
| Amount: | €22.5 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.15%
|
| Rating: | S&P: AA
|
| Fitch: AA
|
|
|
| Class C notes
|
| Amount: | €29 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 235 bps
|
| Rating: | S&P: A
|
| Fitch: A
|
|
|
| Class D notes
|
| Amount: | €28 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 330 bps
|
| Rating: | S&P: BBB-
|
| Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | €19 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 636 bps
|
| Rating: | S&P: BB-
|
| Fitch: BB-
|
|
|
| Class F notes
|
| Amount: | €12 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 884 bps
|
| Rating: | S&P: B-
|
| Fitch: B-
|
|
|
| Class Z notes
|
| Amount: | €1,000
|
| Securities: | Senior Deferrable floating-rate notes
|
|
|
| Subordinated notes
|
| Amount: | €32.4 million
|
| Securities: | Subordinated notes
|
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