Neuberger Berman prices new, reset CLOs; GSO/Blackstone, Oak Hill, Angelo Gordon refinance

By Cristal Cody

Tupelo, Miss., April 21 – Neuberger Berman Investment Advisers LLC tapped the CLO primary market with a new transaction and a refinanced CLO.

Neuberger Berman Investment Advisers sold $511.04 million of notes in the new 2017 CLO.

The CLO manager also refinanced $568.7 million of notes in a reset of a vintage 2014 deal.

The refinancing pace continues to remain strong.

GSO/Blackstone Debt Funds Management LLC refinanced $561.25 million from a vintage 2014 CLO.

Oak Hill Advisors LP sold $374.5 million of notes in a refinancing of a 2013 transaction.

Also, Angelo, Gordon & Co., LP refinanced $303 million of notes from a 2013 CLO in its second refinanced CLO offering of the year.

More than $60 billion of U.S. CLOs have been refinanced year to date.

Wells Fargo Securities LLC analysts said in a structured products research note on Friday that $74 billion of eligible but not yet refinanced or reset CLOs in 150 deals remained at the end of the first quarter.

In its deal, Neuberger Berman Investment Advisers sold $511.04 million of notes due April 19, 2030 in the new Neuberger Berman Loan Advisers CLO 24, Ltd./Neuberger Berman Loan Advisers CLO 24 LLC transaction, according to details from a market source.

The CLO priced $318.5 million of class A floating-rate notes at par to yield Libor plus 123 basis points in the senior tranche.

Wells Fargo Securities, LLC was the placement agent.

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