By Cady Vishniac
Detroit, Jan. 22 – Angelo, Gordon & Co., LP repriced and extended $451.68 million of notes due Jan. 25, 2032 in its Northwoods Capital 20, Ltd./Northwoods Capital 20, LLC syndicated collateralized loan obligation, according to a market source.
The CLO sold $1.5 million of class X notes at Libor plus 80 basis points, $270 million of class A-1-R floating-rate notes at Libor plus 133 bps, $8 million of class A-2a-R floating-rate notes at Libor plus 165 bps, $10 million of class A-2b-R 2.313% fixed-rate notes, $44 million of class B-1-R floating-rate notes at Libor plus 180 bps, $10 million of class B-2-R 2.524% fixed-rate notes, $24.75 million of class C-R 3.3% fixed-rate notes, $28.125 million of class D-R floating-rate notes at Libor plus 427 bps, $14.625 million of class E-R floating-rate notes at Libor plus 785 bps and $40.68 million of subordinated notes.
Barclays was the placement agent.
The CLO has a one-year non-call period and a three-year reinvestment period.
The deal is backed primarily by broadly syndicated first-lien senior secured corporate loans.
In its first issue in 2019, the CLO sold $450.18 million of notes, including $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, $42.75 million of class B floating-rate notes at Libor plus 200 bps, $33.75 million of class C floating-rate notes at Libor plus 280 bps, $22.5 million of class D floating-rate notes at Libor plus 425 bps, $18 million of class E floating-rate notes at Libor plus 785 bps and $40.68 million of subordinated notes. The original maturity date was Jan. 25, 2030.
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: | $451.68 million
|
| Maturity: | Jan. 25, 2032
|
| Securities: | Floating-rate, fixed-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays
|
| Manager: | Angelo, Gordon & Co., LP
|
| Call feature: | One year
|
| Settlement date: | Jan. 25
|
|
|
| Class X notes
|
| Amount: | $1.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 80 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class A-1-R notes
|
| Amount: | $270 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 133 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class A-2a-R notes
|
| Amount: | $8 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Rating: | S&P: AA
|
|
|
| Class A-2b-R notes
|
| Amount: | $10 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 2.313%
|
| Rating: | S&P: AAA
|
|
|
| Class B-1-R notes
|
| Amount: | $44 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 180 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-2-R notes
|
| Amount: | $10 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 2.524%
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $24.75 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 3.3%
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | $28.125 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 427 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R notes
|
| Amount: | $14.625 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 785 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $40.68 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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