By Cristal Cody
Tupelo, Miss., Sept. 26 - Northwoods Capital X, Ltd./Northwoods Capital X, LLC priced $367 million in a nine-part collateralized loan obligation offering of notes, according to a market source.
The CLO brought $2.5 million of class X senior secured floating-rate notes (Aaa/AAA/) at Libor plus 100 basis points; $165 million of class A-1 senior secured floating-rate notes (Aaa/AAA/) at Libor plus 140 bps; $45 million of 3.527% class A-2 senior secured fixed-rate notes (Aaa/AAA/); $22 million of class B-1 senior secured floating-rate notes (/AA/) at Libor plus 190 bps and $20 million of 4.361% class B-2 senior secured fixed-rate notes (/AA/) at the top of the capital structure.
The CLO also sold $31.5 million of class C mezzanine secured deferrable floating-rate notes (/A/) at Libor plus 270 bps; $19.5 million of class D mezzanine secured deferrable floating-rate notes (/BBB/) at Libor plus 360 bps; $19 million of class E junior secured deferrable floating-rate notes (/BB-/) at Libor plus 460 bps and $42.5 million of subordinated notes.
The notes are due Nov. 4, 2025, except the class X notes, which are due Nov. 4, 2016.
Morgan Stanley & Co. LLC was the placement agent.
Angelo, Gordon & Co., LP is the CLO manager.
The notes are non-callable until Nov. 4, 2015. The reinvestment period on the CLO ends Nov. 4, 2017.
The cash-flow CLO is backed by broadly syndicated first lien senior secured corporate loans. The collateral pool is expected to be about 50% to 60% ramped when the deal closes.
Angelo, Gordon, a New York City-based alternative investment manager, was last in the market with a CLO deal in November when it sold $625 million in the Northwoods Capital IX, Ltd. transaction.
| Issuer: | Northwoods Capital X, Ltd./Northwoods Capital X, LLC
|
| Amount: | $367 million
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash-flow CLO
|
| Placement agent: Morgan Stanley & Co. LLC
|
| Manager: | Angelo, Gordon & Co., LP
|
| Call feature: | Nov. 4, 2015
|
| Settlement date: | Sept. 30
|
|
|
| Class X notes
|
| Amount: | $2.5 million
|
| Maturity: | Nov. 4, 2016
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 100 bps
|
| Ratings: Moody's: Aaa
|
| Standard & Poor's: AAA
|
|
|
| Class A-1 notes
|
| Amount: | $165 million
|
| Maturity: | Nov. 4, 2025
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 140 bps
|
| Ratings: Moody's: Aaa
|
| Standard & Poor's: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $45 million
|
| Maturity: | Nov. 4, 2025
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 3.527%
|
| Ratings: Moody's: Aaa
|
| Standard & Poor's: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $22 million
|
| Maturity: | Nov. 4, 2025
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Ratings: Standard & Poor's: AA
|
|
|
| Class B-2 notes
|
| Amount: | $20 million
|
| Maturity: | Nov. 4, 2025
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: 4.361%
|
| Ratings: Standard & Poor's: AA
|
|
|
| Class C notes
|
| Amount: | $31.5 million
|
| Maturity: | Nov. 4, 2025
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 270 bps
|
| Ratings: Standard & Poor's: A
|
|
|
| Class D notes
|
| Amount: | $19.5 million
|
| Maturity: | Nov. 4, 2025
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 360 bps
|
| Ratings: Standard & Poor's: BBB
|
|
|
| Class E notes
|
| Amount: | $19 million
|
| Maturity: | Nov. 4, 2025
|
| Securities: | Junior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 460 bps
|
| Ratings: Standard & Poor's: BB-
|
|
|
| Equity tranche
|
| Amount: | $42.5 million
|
| Maturity: | Nov. 4, 2025
|
| Securities: | Subordinated notes
|
| Ratings: Non-rated
|
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