Chicago, Oct. 22 – Angelo, Gordon & Co. LP refinanced for $476.11 million the collateralized loan obligation issued by Northwoods Capital XV, Ltd./Northwoods Capital XV, LLC, according to a supplemental indenture.
The notes will mature five years later, on June 2034.
The CLO now consists of $270 million of class A-1-R senior secured floating-rate notes at Libor plus 121 basis points, $11.7 million of class A-2-R senior secured floating-rate notes at Libor plus 155 bps, $52.65 million of class B-2-R senior secured floating-rate notes at Libor plus 175 bps, $12.05 million of class C-1-R senior secured deferrable floating-rate notes at Libor plus 250 bps, $10 million of class C-2-R 3.36% senior secured deferrable fixed-rate notes, $28.8 million of class D-R senior secured deferrable floating-rate notes at Libor plus 375 bps, $24.3 million of class E-R senior secured deferrable floating-rate notes at Libor plus 764 bps and $66.61 million of subordinated notes.
Originally, the CLO sold $285.75 million of class A senior secured floating-rate notes at Libor plus 130 bps; $44 million of class B-1 senior secured floating-rate notes at Libor plus 160 bps; $10 million of 3.77% class B-2 senior secured fixed-rate notes; $19.5 million of class C-1 mezzanine secured deferrable floating-rate notes at Libor plus 265 bps; $7.5 million of 4.5% class C-2 mezzanine secured deferrable fixed-rate notes; $24.75 million of class D mezzanine secured deferrable floating-rate notes at Libor plus 375 bps; $22.5 million of class E mezzanine secured deferrable floating-rate notes at Libor plus 625 bps and $39.8 million of subordinated notes.
Angelo, Gordon & Co. LP will manage the collateral through the end of the reinvestment period in June 2026.
The notes can be called starting in June 2023.
J.P. Morgan Securities LLC was the placement agent.
Angelo, Gordon is an alternative investment manager based in New York.
Issuer: | Northwoods Capital XV, Ltd./Northwoods Capital XV, LLC
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Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
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Amount: | $476.11 million
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Maturity: | June 2034
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Structure: | Cash flow CLO
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Placement agent: | J.P. Morgan Securities LLC
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Manager: | Angelo, Gordon & Co. LP
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Call feature: | June 2023
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Settlement date: | June 21
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Class A-1-R notes
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Amount: | $270 million
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Securities: | Senior secured floating-rate notes
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Coupon: | Libor plus 121 bps
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Rating: | Moody's: Aaa
|
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Class A-2-R notes
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Amount: | $11.7 million
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Securities: | Senior secured floating-rate notes
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Coupon: | Libor plus 155 bps
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Rating: | Moody's: Aaa
|
|
Class B-2-R notes
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Amount: | $52.65 million
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Securities: | Senior secured floating-rate notes
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Coupon: | Libor plus 175 bps
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Rating: | Moody's: Aa2
|
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Class C-1-R notes
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Amount: | $12.05 million
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Securities: | Senior secured Deferrable floating-rate notes
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Coupon: | Libor plus 250 bps
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Rating: | Moody's: A2
|
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Class C-2-R notes
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Amount: | $10 million
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Securities: | Senior secured Deferrable fixed-rate notes
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Coupon: | 3.36%
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Rating: | Moody's: A2
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Class D-R notes
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Amount: | $28.8 million
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Securities: | Senior secured Deferrable floating-rate notes
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Coupon: | Libor plus 375 bps
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Rating: | Moody's: Baa3
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Class E-R notes
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Amount: | $24.3 million
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Securities: | Senior secured Deferrable floating-rate notes
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Coupon: | Libor plus 764 bps
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Rating: | Moody's: Ba3
|
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Subordinated notes
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Amount: | $66.61 million
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Securities: | Subordinated notes
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