By Cristal Cody
Tupelo, Miss., April 24 – NXT Capital LLC subsidiary NXT Capital Investment Advisers LLC refinanced $122.65 million of notes due April 20, 2029 from a 2017 vintage middle-market collateralized loan obligation deal, according to a notice of executed first supplemental indenture on Tuesday.
NXT Capital CLO 2017-1 LLC priced $39.7 million of class B-R senior secured floating-rate notes at Libor plus 235 basis points, $31.75 million of class C-R secured deferrable floating-rate notes at Libor plus 310 bps, $24.8 million of class D-R secured deferrable floating-rate notes at Libor plus 410 bps and $26.4 million of class E-R secured deferrable floating-rate notes at Libor plus 735 bps.
Wells Fargo Securities LLC was the refinancing placement agent.
NXT Capital Investment Advisors will continue to manage the CLO.
NXT Capital 2017-1 originally issued the notes on April 13, 2017.
The CLO sold $226.7 million of class A floating-rate notes at par to yield Libor plus 170 bps; $39.7 million of class B floating-rate notes at par to yield Libor plus 235 bps; $31.75 million of class C deferrable floating-rate notes at par to yield Libor plus 310 bps; $24.8 million of class D deferrable floating-rate notes at 97.557 and a coupon of Libor plus 410 bps; $26.4 million of class E deferrable floating-rate notes at 95.097 and a coupon of Libor plus 735 bps and $57 million of subordinated notes.
Proceeds were used to redeem the outstanding notes.
The deal is backed primarily by senior secured loans, cash and eligible investments.
NXT Capital is a Chicago-based middle-market lending and financial services firm.
| Issuer: | NXT Capital CLO 2017-1 LLC
|
| Amount: | $122.65 million refinancing
|
| Maturity: | April 20, 2029
|
| Securities: | Floating-rate notes
|
| Structure: | Middle-market CLO
|
| Refinancing agent: | Wells Fargo Securities LLC
|
| Manager: | NXT Capital Investment Advisers LLC
|
| Settlement date: | April 22
|
|
|
| Class B-R notes
|
| Amount: | $39.7 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 235 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $31.75 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 310 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | $24.8 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 410 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R notes
|
| Amount: | $26.4 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 735 bps
|
| Rating: | S&P: BB
|
© 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.
