Chicago, Oct. 9 – Northwoods European CLO Management LLC priced €405.5 million of notes due Nov. 25, 2033 in a new collateralized loan obligation deal, according to a market source.
Northwoods Capital 19 Euro DAC sold €248 million of class A floating-rate notes at Euribor plus 92 basis points, €20 million of class B-1 floating-rate notes at Euribor plus 175 bps and €20 million 2.2% fixed-rate notes.
The CLO also priced €24.5 million of class C floating-rate notes at Euribor plus 250 bps; €28 million of class D floating-rate notes at Euribor plus 400 bps; €21.5 million of class E floating-rate notes at Euribor plus 657 bps; €11 million of class F floating-rate notes at Euribor plus 916 bps and €32.5 million of subordinated notes.
Merrill Lynch International arranged the transaction.
Northwoods European CLO Management LLC will manage the CLO.
The CLO has a two-year non-call period and a five-year reinvestment period.
The deal is backed primarily by broadly syndicated first-lien senior secured corporate loans or bonds.
Northwoods European CLO Management is a Delaware limited liability company and a wholly owned subsidiary of Angelo Gordon, an alternative investment manager based in New York.
| Issuer: | Northwoods Capital 19 Euro DAC
|
| Amount: | €405.5 million
|
| Maturity: | Nov. 25, 2033
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Merrill Lynch International
|
| Manager: | Northwoods European CLO Management LLC
|
| Call feature: | Two years
|
| Pricing date: | Oct. 2
|
| Settlement date: | Nov. 21
|
|
|
| Class A notes
|
| Amount: | €248 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 92 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | €20 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 175 bps
|
| Rating: | Fitch: AA
|
|
|
| Class B-2 notes
|
| Amount: | €20 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 2.2%
|
| Rating: | Fitch: AA
|
|
|
| Class C notes
|
| Amount: | €24.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 250 bps
|
| Rating: | Fitch: A
|
|
|
| Class D notes
|
| Amount: | €28 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 400 bps
|
| Rating: | Fitch: BBB
|
|
|
| Class E notes
|
| Amount: | €21.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 657 bps
|
| Rating: | Fitch: BB-
|
|
|
| Class F notes
|
| Amount: | €11 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 916 bps
|
| Rating: | Fitch: B-
|
|
|
| Equity
|
| Amount: | €32.5 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.
