Angelo, Gordon prices $602.9 million CLO; securitized secondary market volume jumps

By Cristal Cody

Tupelo, Miss., June 7 – Angelo, Gordon & Co., LP tapped the CLO primary market with a $602.9 million deal.

The CLO manager priced nine tranches of notes, including a step-up tranche, in the offering.

About $46 billion of new issue CLOs have priced year to date, according to market sources.

Elsewhere, securitized secondary market volume was heavy on Wednesday with $382.56 million of high-grade securities and $259.36 million of lower-rated CBO/CDO/CLO issues traded, according to Trace.

During Tuesday’s session, $96.29 million of investment-grade CBO/CDO/CLO issues and $181.62 million of non-high-grade securities traded, while volume on Monday included $105.9 million of high-grade issues and $57.02 million of lower-rated securities.

Angelo, Gordon priced $602.9 million of notes due June 15, 2031 in the transaction, according to a market source.

In the senior tranches, Northwoods Capital XII-B, Ltd./Northwoods Capital XII-B, LLC sold $3.5 million of class X floating-rate notes at Libor plus 75 basis points, $305 million of class A-1 floating-rate notes at Libor plus 111 bps and $77.4 million of class A-2 floating-rate notes at Libor plus 96 bps, which step up to Libor plus 161 bps on and after the December 2020 payment date.

Barclays arranged the transaction.

The deal is backed primarily by broadly syndicated first-lien senior secured corporate loans.

Angelo, Gordon is an alternative investment manager based in New York.

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