Chicago, Feb. 21 – Angelo, Gordon & Co. LP is refinancing and extending for the second time for $509.83 million the collateralized loan obligation issued by Northwoods Capital 22 Ltd./Northwoods Capital 22 LLC, according to a presale report.
The notes will now mature on March 16, 2037.
The second refinanced CLO consists of $300 million of class A-1-RR senior secured floating-rate notes at SOFR plus 170 basis points, $10 million of class A-2-RR senior secured floating-rate notes at SOFR plus 200 bps, $70 million of class B-RR senior secured floating-rate notes at SOFR plus 245 bps, $30 million of class C-RR senior secured deferrable floating-rate notes at SOFR plus 285 bps, $30 million of class D-RR senior secured deferrable floating-rate notes at SOFR plus 495 bps, $15 million of class E-RR senior secured deferrable floating-rate notes at SOFR plus 770 bps and $54.825 million of subordinated notes.
The most recent refinancing had $180 million of class A-R senior secured floating-rate notes at SOFR plus 145 bps, $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 March 16, 2029.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting March 16, 2026.
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: | $509.825 million
|
Maturity: | March 16, 2037
|
Structure: | Cash flow CLO
|
Placement agent: | Barclays
|
Manager: | Angelo, Gordon & Co. LP
|
Call feature: | March 16, 2026
|
Pricing date: | Feb. 15
|
Settlement date: | March 1
|
|
Class A-1-RR notes
|
Amount: | $300 million
|
Securities: | Senior secured floating-rate notes
|
Coupon: | SOFR plus 170 bps
|
Rating: | S&P: AAA
|
|
Class A-2-RR notes
|
Amount: | $10 million
|
Securities: | Senior secured floating-rate notes
|
Coupon: | SOFR plus 200 bps
|
Rating: | S&P: AAA
|
|
Class B-RR notes
|
Amount: | $70 million
|
Securities: | Senior secured floating-rate notes
|
Coupon: | SOFR plus 245 bps
|
Rating: | S&P: AA
|
|
Class C-RR notes
|
Amount: | $30 million
|
Securities: | Senior secured deferrable floating-rate notes
|
Coupon: | SOFR plus 285 bps
|
Rating: | S&P: A
|
|
Class D-RR notes
|
Amount: | $30 million
|
Securities: | Senior secured deferrable floating-rate notes
|
Coupon: | SOFR plus 495 bps
|
Rating: | S&P: BBB-
|
|
Class E-RR notes
|
Amount: | $15 million
|
Securities: | Senior secured deferrable floating-rate notes
|
Coupon: | SOFR plus 770 bps
|
Rating: | S&P: BB-
|
|
Subordinated notes
|
Amount: | $54.825 million
|
Securities: | Subordinated notes
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.