By Cristal Cody
Tupelo, Miss., Feb. 15 – Angelo, Gordon & Co., LP priced $415 million of notes due Nov. 15, 2025 at par in a refinancing of a vintage 2014 collateralized loan obligation deal, a market source said.
Northwoods Capital XIV Ltd./Northwoods Capital XIV LLC priced $316 million of class A-R senior secured floating-rate notes at Libor plus 130 basis points, $58 million of class B-R senior secured floating-rate notes at Libor plus 170 bps and $41 million of class C-R mezzanine secured deferrable floating-rate notes at Libor plus 245 bps.
Goldman Sachs & Co. arranged the transaction.
The CLO manager is Angelo, Gordon.
The deal is backed primarily by broadly syndicated first-lien senior secured corporate loans.
Proceeds were used to redeem the original notes.
Angelo, Gordon is an alternative investment manager based in New York.
| Issuer: | Northwoods Capital XIV Ltd./Northwoods Capital XIV LLC
|
| Amount: | $415 million refinancing
|
| Maturity: | Nov. 15, 2025
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Goldman Sachs & Co.
|
| Manager: | Angelo, Gordon & Co., LP
|
| Pricing date: | Feb. 7
|
| Refinancing date: | Feb. 13
|
|
|
| Class A-R notes
|
| Amount: | $316 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 130 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class B-R notes
|
| Amount: | $58 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Price: | Par
|
| Rating: | S&P: AAA
|
|
|
| Class C-R notes
|
| Amount: | $41 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 245 bps
|
| Price: | Par
|
| Rating: | S&P: AA
|
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