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NXT Capital Closes $480 Million CLO

May 14, 2015, 08:02 AM
Filed Under: Industry News

NXT Capital, LLC announced the closing of NXT Capital CLO 2015-1, a $408 million CLO. The financing, NXT’s fourth CLO in as many years, is secured almost exclusively by middle-market senior secured loans originated by NXT. The CLO has a four-year reinvestment period.

NXT sold securities rated from AAA through BB and retained all the equity interests. Seven of the investors purchasing securities in this CLO were first-time investors in NXT Capital’s CLO platform. Wells Fargo Securities, LLC served as the Lead Manager, Structuring Agent and Bookrunner for the transaction and BMO Capital Markets GKST Inc. served as Co-Lead Manager.

“Strong interest in NXT’s CLOs from existing and new investors signals expanding recognition of our robust direct loan origination platform and proven risk management practices,” said Robert Radway, Chairman and CEO. “Investors are increasingly confident in the fact that middle market loan assets offer valuable diversification, consistent performance and attractive risk-adjusted returns.”

“NXT has been one of the most consistent issuers of middle market CLOs and closing this latest transaction brings our total issuance above $1.4 billion,” noted Neil Rudd, Chief Financial Officer. “This demonstrates NXT’s ability to expand and diversify our funding platform and to access a valuable source of stable, competitively priced financing to serve our clients and enhance returns to investors.”

NXT Capital provides structured financing solutions through its Corporate Finance, Equipment Finance and Real Estate Finance groups and is based in Chicago with offices in Atlanta, Charlotte, Dallas, Los Angeles, Nashville, New York, Phoenix, San Francisco and Stamford.

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