Angelo Gordon prices $453.8 million, first new CLO since 2014; high-grade trading volume thin

By Cristal Cody

Tupelo, Miss., May 24 – Angelo, Gordon & Co., LP brought its first new CLO offering to the primary market since 2014.

The CLO manager sold $453.8 million of notes in the transaction.

Angelo Gordon also has refinanced two vintage CLOs year to date.

More than $27 billion of new CLOs have priced in 2017, while CLO refinancing volume totals more than $76 billion year to date, market sources report.

In the secondary market, trading volume was light in high-grade CBO/CDO/CLO issues with $43.31 million traded on Tuesday, according to Trace. Non-investment-grade securities saw about $284.9 million trade in the previous session.

Northwoods Capital CLO

Angelo Gordon priced $453.8 million of notes due June 20, 2029 in a new collateralized loan obligation deal, according to a market source.

Northwoods Capital XV, Ltd./Northwoods Capital XV, LLC priced $285.75 million of class A senior secured floating-rate notes at Libor plus 130 basis points in the AAA-rated tranche.

Barclays arranged the transaction.

The CLO has a two-year non-call period and a four-year reinvestment period.

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

Proceeds will be used to purchase a portfolio of about $450 million of mostly senior secured leveraged loans.

The CLO manager has priced one new CLO and refinanced two vintage CLOs year to date. The firm was last in the CLO primary market in 2014.

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

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