NCC CLO Manager prices $404.8 million broadly syndicated CLO; Apex offers $407 million

By Cristal Cody

Tupelo, Miss., Sept. 18 – In new CLO issuance, NCC CLO Manager LLC closed this week on a $404.8 million broadly syndicated deal.

In its deal, NCC CLO Manager priced $404.8 million of loans and notes due Oct. 15, 2032 in the Nassau 2019-II Ltd./Nassau 2019-II LLC offering, according to a market source.

Nassau 2019-II sold $198 million of class AL loans at Libor plus 145 basis points, $33 million of class AN senior secured floating-rate notes at Libor plus 145 bps and $25 million of 2.83% class AF senior secured fixed-rate notes at the top of the capital structure.

Separately, Apex Credit Partners LLC is marketing its second CLO offering of 2019. The CLO manager plans to price $407 million of notes in the Apex Credit CLO 2019-II Ltd. transaction.

The offering includes $248 million of class A-1 senior secured floating-rate notes (Aaa); $16 million of class A-2 senior secured floating-rate notes; $42 million of class B senior secured floating-rate notes; $22 million of class C secured deferrable floating-rate notes; $20 million of class D secured deferrable floating-rate notes; $20 million of class E secured deferrable floating-rate notes and $39 million of subordinated notes.

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

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