By Cristal Cody
Tupelo, Miss., Aug. 12 – Angelo, Gordon & Co., LP priced $294.8 million of notes due Sept. 1, 2031 in the manager’s first new dollar-denominated broadly syndicated collateralized loan obligation deal of 2020, according to market sources.
Northwoods Capital 22, Ltd./Northwoods Capital 22, LLC sold $180 million of class A-1 floating-rate notes at Libor plus 192 basis points, $9 million of class A-2 floating-rate notes at Libor plus 225 bps, $31 million of class B-1 floating-rate notes at Libor plus 270 bps and $5 million of 2.97% class B-2 fixed-rate notes.
The CLO also priced $19.5 million of class C deferrable floating-rate notes at Libor plus 313 bps, $16.5 million of class D deferrable floating-rate notes at Libor plus 458 bps, $9 million of class E deferrable floating-rate notes at Libor plus 882 bps and $24.8 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.
Angelo Gordon, an alternative investment manager based in New York, has priced one dollar-denominated CLO and one euro-denominated CLO year to date.
| Issuer: | Northwoods Capital 22, Ltd./Northwoods Capital 22, LLC
|
| Amount: | $294.8 million
|
| Maturity: | Sept. 1, 2031
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays
|
| Manager: | Angelo, Gordon & Co., LP
|
| Call feature: | One year
|
| Settlement date: | Aug. 25
|
|
|
| Class A-1 notes
|
| Amount: | $180 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 192 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $9 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 225 bps
|
| Ratings: | S&P: Non-rated
|
|
|
| Class B-1 notes
|
| Amount: | $31 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 270 bps
|
| Ratings: | S&P: AA
|
|
|
| Class B-2 notes
|
| Amount: | $5 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 2.97%
|
| Ratings: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $19.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 313 bps
|
| Ratings: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $16.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 458 bps
|
| Ratings: | S&P: BBB
|
|
|
| Class E notes
|
| Amount: | $9 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 882 bps
|
| Ratings: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $24.8 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.
