Chicago, May 10 – Angelo, Gordon & Co. LP refinanced for $300.8 million the collateralized loan obligation issued by Northwoods Capital 22 Ltd./Northwoods Capital 22 LLC, according to a presale report.
The notes will mature on Sept. 1, 2031.
The CLO consists of $180 million of class A-R senior secured floating-rate notes at SOFR plus 145 basis points, $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 Sept. 1, 2023.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting May 13, 2023.
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: | $384.7 million
|
| Maturity: | Sept. 1, 2031
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays
|
| Manager: | Angelo, Gordon & Co. LP
|
| Call feature: | May 13, 2023
|
| Settlement date: | May 13
|
|
|
| Class A-R notes
|
| Amount: | $180 million
|
| Securities: | Senior Secured floating-rate notes
|
| Coupon: | SOFR plus 145 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-R notes
|
| Amount: | $48 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 205 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $18 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 259 bps
|
| Rating: | S&P: A+
|
|
|
| Class D-1-R notes
|
| Amount: | $12 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 400 bps
|
| Rating: | S&P: BBB+
|
|
|
| Class D-2-R notes
|
| Amount: | $6 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 565 bps
|
| Rating: | S&P: BBB
|
|
|
| Class E-R notes
|
| Amount: | $12 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 819 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $108.7 million
|
| Securities: | Subordinated notes
|
|
|
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