Neuberger Berman to refinance manager’s fourth CLO of 2017; refinancing pace steady

By Cristal Cody

Tupelo, Miss., Nov. 14 – Neuberger Berman Investment Advisers LLC plans to refinance $469.75 million of notes from a 2015 CLO offering in the firm’s fourth refinancing transaction of 2017.

Refinancing action is expected to remain steady through the end of the year, sources report.

Year to date, CLO managers have refinanced more than $145 billion of CLOs, according to market sources.

In the secondary market, trading volume on Monday included $75.56 million of high-grade CBO/CDO/CLO issues and $128.27 million of non-investment-grade securities, according to Trace.

In its deal, Neuberger Berman Investment Advisers plans to refinance $469.75 million of notes due Jan. 15, 2028 from the Neuberger Berman CLO XX, Ltd./Neuberger Berman CLO XX, LLC transaction, according to a notice of revised proposed supplemental indenture on Monday.

The CLO will reprice $317.5 million of class A-R senior secured floating-rate notes; $74.25 million of class B-R senior secured floating-rate notes; $39.88 million of class C-R senior secured deferrable floating-rate notes; $30.25 million of class D-R senior secured deferrable floating-rate notes; $23.38 million of class E-R mezzanine secured deferrable floating-rate notes and $55.3 million of F-R mezzanine secured deferrable floating-rate notes.

Morgan Stanley & Co. LLC is the financing placement agent.

The original $511.25 million transaction was issued Nov. 20, 2015.

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