By Cristal Cody
Tupelo, Miss., Aug. 12 – Angelo, Gordon & Co., LP priced $294.8 million of notes due Sept. 1, 2031 in the manager’s first new dollar-denominated broadly syndicated collateralized loan obligation deal of 2020, according to market sources.
Northwoods Capital 22, Ltd./Northwoods Capital 22, LLC sold $180 million of class A-1 floating-rate notes at Libor plus 192 basis points, $9 million of class A-2 floating-rate notes at Libor plus 225 bps, $31 million of class B-1 floating-rate notes at Libor plus 270 bps and $5 million of 2.97% class B-2 fixed-rate notes.
The CLO also priced $19.5 million of class C deferrable floating-rate notes at Libor plus 313 bps, $16.5 million of class D deferrable floating-rate notes at Libor plus 458 bps, $9 million of class E deferrable floating-rate notes at Libor plus 882 bps and $24.8 million of subordinated notes.
Barclays was the placement agent.
The CLO has a one-year non-call period and a three-year reinvestment period.
The deal is backed primarily by broadly syndicated first-lien senior secured corporate loans.
Angelo Gordon, an alternative investment manager based in New York, has priced one dollar-denominated CLO and one euro-denominated CLO year to date.
Issuer: | Northwoods Capital 22, Ltd./Northwoods Capital 22, LLC
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Amount: | $294.8 million
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Maturity: | Sept. 1, 2031
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Securities: | Fixed-rate, floating-rate and subordinated notes
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Structure: | Cash flow CLO
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Placement agent: | Barclays
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Manager: | Angelo, Gordon & Co., LP
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Call feature: | One year
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Settlement date: | Aug. 25
|
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Class A-1 notes
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Amount: | $180 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 192 bps
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Ratings: | S&P: AAA
|
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Class A-2 notes
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Amount: | $9 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 225 bps
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Ratings: | S&P: Non-rated
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|
Class B-1 notes
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Amount: | $31 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 270 bps
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Ratings: | S&P: AA
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Class B-2 notes
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Amount: | $5 million
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Securities: | Fixed-rate notes
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Coupon: | 2.97%
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Ratings: | S&P: AA
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Class C notes
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Amount: | $19.5 million
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Securities: | Deferrable floating-rate notes
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Coupon: | Libor plus 313 bps
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Ratings: | S&P: A
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Class D notes
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Amount: | $16.5 million
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Securities: | Deferrable floating-rate notes
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Coupon: | Libor plus 458 bps
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Ratings: | S&P: BBB
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Class E notes
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Amount: | $9 million
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Securities: | Deferrable floating-rate notes
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Coupon: | Libor plus 882 bps
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Ratings: | S&P: BB-
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|
Equity
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Amount: | $24.8 million
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Securities: | Subordinated notes
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Ratings: | Non-rated
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