Chicago, Feb. 21 – Angelo, Gordon & Co. LP is refinancing and extending for the second time for $509.83 million the collateralized loan obligation issued by Northwoods Capital 22 Ltd./Northwoods Capital 22 LLC, according to a presale report.
The notes will now mature on March 16, 2037.
The second refinanced CLO consists of $300 million of class A-1-RR senior secured floating-rate notes at SOFR plus 170 basis points, $10 million of class A-2-RR senior secured floating-rate notes at SOFR plus 200 bps, $70 million of class B-RR senior secured floating-rate notes at SOFR plus 245 bps, $30 million of class C-RR senior secured deferrable floating-rate notes at SOFR plus 285 bps, $30 million of class D-RR senior secured deferrable floating-rate notes at SOFR plus 495 bps, $15 million of class E-RR senior secured deferrable floating-rate notes at SOFR plus 770 bps and $54.825 million of subordinated notes.
The most recent refinancing had $180 million of class A-R senior secured floating-rate notes at SOFR plus 145 bps, $48 million of class B-R senior secured floating-rate notes at SOFR plus 205 bps, $18 million of class C-R senior secured floating-rate notes at SOFR plus 259 bps, $12 million of class D-1-R senior secured deferrable floating-rate notes at SOFR plus 400 bps, $6 million of class D-2-R senior secured deferrable floating-rate notes at SOFR plus 565 bps, $12 million of class E-R senior secured deferrable floating-rate notes at SOFR plus 819 bps and $24.8 million of subordinated notes.
Angelo, Gordon & Co. LP will manage the collateral through the end of the reinvestment period on March 16, 2029.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting March 16, 2026.
Barclays was the placement agent.
Angelo Gordon is an alternative investment manager based in New York.
| Issuer: | Northwoods Capital 22 Ltd./Northwoods Capital 22 LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $509.825 million
|
| Maturity: | March 16, 2037
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays
|
| Manager: | Angelo, Gordon & Co. LP
|
| Call feature: | March 16, 2026
|
| Pricing date: | Feb. 15
|
| Settlement date: | March 1
|
|
|
| Class A-1-RR notes
|
| Amount: | $300 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 170 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2-RR notes
|
| Amount: | $10 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 200 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-RR notes
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| Amount: | $70 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 245 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-RR notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 285 bps
|
| Rating: | S&P: A
|
|
|
| Class D-RR notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 495 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-RR notes
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| Amount: | $15 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 770 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $54.825 million
|
| Securities: | Subordinated notes
|
|
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