The collateralized loan obligation market shows no signs of slowing down as four deals totaling nearly $2.0 billion joined the new-issue pipeline so far this week, according to presale reports published by Moody’s Investors Service and Standard & Poor’s.
Angelo, Gordon, & Co. is readying a $556.8 million transaction, Northwoods Capital XII, backed by a revolving pool consisting primarily of broadly syndicated senior secured loans. As of August 4, 86.13% of the collateral pool has been identified. S&P assigned a preliminary AAA’ rating to the $376.2 million floating-rate class A notes. The notes are being marketed at three-month Libor plus 150 basis points, benefiting from a subordination of 38.91%. They mature in September 2026.