Angelo, Gordon & Co. is working on its first collateralized loan obligation of 2013.
The deal, Northwoods Capital X, is backed by a portfolio of $350 million syndicated corporate loans, according to a presale report by Moody’s Investors Service.
Morgan Stanley is the underwriter and initial purchaser of the notes.
There are three classes of notes rated ‘AAA’ by Moody’s: a $2.5 million X class is being marketed at three-month Libor plus 100 basis points; a $165 million A-1 class is being marketed at Libor plus 140 basis points; and a $45 million A-2 class at a fixed rate of 3.527%. The remainder of the deal is unrated by Moody’s.
Angelo, Gordon is a global asset manager. As of March 31, it had over $24 billion in under management, including six cash flow CLOs. The manager’s previous CLO, Northwoods Capital IX, was issued in December 2012.
