Neuberger prices $560.5 million CLO; Regatta prints; AAA spreads firm; loan outflows up

By Cristal Cody

Tupelo, Miss., Dec. 20 – CLO managers are quickly closing new deals ahead of the Christmas Day holiday market closures and end of the year.

Neuberger Berman Loan Advisers LLC priced and closed on $560.5 million of notes in the manager’s fourth CLO offering of 2019.

The deal included split class B tranches with interest-only notes and principal-only notes.

In other new issuance, Regatta Loan Management LLC priced a new $604.9 million CLO in the manager’s second transaction year to date.

Meanwhile on Friday, CIFC Asset Management LLC closed its previously reported $403.2 million CIFC Funding 2019-VI, Ltd. deal that placed $244 million of the class A-1 floating-rate notes at Libor plus 133 basis points.

Credit Suisse Securities (USA) LLC was the placement agent for the offering brought to the market on Dec. 2.

Meanwhile, CLOs priced so far in the fourth quarter have averaged a senior spread of Libor plus 135 bps, compared with Libor plus 137 bps for CLOs priced in the first quarter, according to Fitch.

Elsewhere, outflows from leveraged loans climbed to $390 million for the past week ended Wednesday from $240 million in the same period a week ago, according to a BofA Global research note released Friday.

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