By Cristal Cody
Tupelo, Miss., Dec. 10 – Angelo, Gordon & Co., LP priced $450.18 million of notes due Jan. 25, 2030 in a new broadly syndicated collateralized loan obligation deal, according to a market source.
Northwoods Capital 20, Ltd./Northwoods Capital 20, LLC sold $270 million of class A-1 floating-rate notes at Libor plus 132 basis points, $22.5 million of class A-2 floating-rate notes at Libor plus 180 bps and $42.75 million of class B floating-rate notes at Libor plus 200 bps.
The CLO also priced $33.75 million of class C deferrable floating-rate notes at Libor plus 280 bps; $22.5 million of class D deferrable floating-rate notes at Libor plus 425 bps; $18 million of class E deferrable floating-rate notes at Libor plus 785 bps and $40.68 million of subordinated notes.
The class A-1 through class D notes priced at par, while the class E tranche priced at 96.75.
Barclays was the placement agent.
The CLO has a one-year non-call period and a two-year reinvestment period.
The deal is backed primarily by broadly syndicated first-lien senior secured corporate loans.
Angelo Gordon, an alternative investment manager based in New York, has priced two new CLOs year to date.
| Issuer: | Northwoods Capital 20, Ltd./Northwoods Capital 20, LLC
|
| Amount: | $450.18 million
|
| Maturity: | Jan. 25, 2030
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays
|
| Manager: | Angelo, Gordon & Co., LP
|
| Call feature: | One year
|
| Pricing date: | Nov. 26
|
| Settlement date: | Dec. 17
|
|
|
| Class A-1 notes
|
| Amount: | $270 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 132 bps
|
| Price: | Par
|
| Ratings: | S&P: AAA
|
| Fitch: AAA expected
|
|
|
| Class A-2 notes
|
| Amount: | $22.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 180 bps
|
| Price: | Par
|
| Ratings: | S&P: Non-rated
|
| Fitch: AAA expected
|
|
|
| Class B notes
|
| Amount: | $42.75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Price: | Par
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $33.75 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 280 bps
|
| Price: | Par
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $22.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 425 bps
|
| Price: | Par
|
| Rating: | S&P: BBB
|
|
|
| Class E notes
|
| Amount: | $18 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 785 bps
|
| Price: | 96.75
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $40.68 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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