Chicago, July 24 – NCC CLO Manager LLC priced $251.75 million in an arbitrage cash-flow collateralized loan obligation due July 20, 2029 with Nassau 2020-I Ltd. listed as issuer, according to a report.
The CLO includes $137.5 million class A-1 floating-rate notes at Libor plus 215 basis points and $17.5 million class A-2 floating-rate notes at Libor plus 240 bps.
Also included are $25 million class B-1 floating-rate notes at Libor plus 265 bps, $6.875 million class B-2 2.952% fixed-rate notes, $10.625 million class C floating-rate notes at Libor plus 310 bps, $15 million class D floating-rate notes at Libor plus 477 bps and $12.5 million class E floating-rate notes at Libor plus 787 bps.
There are also $26.75 million subordinated notes.
Citigroup Global Markets, Inc. is the arranger.
The portfolio will include primarily first-lien senior secured leveraged loans.
The reinvestment period and the non-call period are 0.9 year.
NCC CLO Manager is an adviser of Darien, Conn.-based Nassau Corporate Credit LLC.
| Issuer: | Nassau 2020-I Ltd.
|
| Amount: | $251.75 million
|
| Maturity: | July 20, 2029
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets, Inc.
|
| Manager: | NCC CLO Manager LLC
|
| Pricing date: | July 24
|
| Settlement date: | Aug. 11
|
| Distribution: | Rule 144A
|
|
|
| Class A-1 notes
|
| Amount: | $137.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 215 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $17.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 240 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $25 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 265 bps
|
|
|
| Class B-2 notes
|
| Amount: | $6.875 million
|
| Securities: | Senior secured deferrable fixed-rate notes
|
| Coupon: | 2.952%
|
|
|
| Class C notes
|
| Amount: | $10.625 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 310 bps
|
|
|
| Class D notes
|
| Amount: | $15 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 477 bps
|
|
|
| Class E notes
|
| Amount: | $12.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 787 bps
|
|
|
| Equity
|
| Amount: | $26.75 million
|
| Securities: | Preference shares
|
|
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