Hildene prices $361 million CLO; Neuberger Berman to bring third offering of year

By Cristal Cody

Tupelo, Miss., Nov. 17 – The CLO market remains active with a new $361 million transaction priced by Hildene Leveraged Credit, LLC and a repeat manager joining the pipeline, according to market sources on Monday.

Hildene Leveraged Credit sold $361 million of notes due Oct. 20, 2026 in the Hildene CLO III, Ltd./Hildene CLO III LLC deal, according to a market source.

The CLO priced $220.5 million of class A senior secured floating-rate notes (Aaa) at Libor plus 160 basis points at the top of the capital structure. At the bottom of the stack, the CLO sold $5.5 million of class F deferrable floating-rate notes (B3) at Libor plus 600 bps.

BofA Merrill Lynch was the placement agent.

Hildene Leveraged Credit was last in the primary market on May 8, 2014 with the $413.75 million Hildene CLO II, Ltd./Hildene CLO II LLC deal.

The firm, part of Hildene Capital Management, LLC, an asset management firm based in Stamford, Conn., priced the $309.75 million Hildene CLO I Ltd./Hildene CLO I LLC transaction in December 2013.

Separately, Neuberger Berman Fixed Income LLC plans to price $512.85 million of notes due Nov. 14, 2025 in a CLO transaction via the Neuberger Berman CLO XVIII, Ltd./Neuberger Berman CLO XVIII, LLC offering, according to a market source.

Citigroup Global Markets Inc. is the placement agent.

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