Neuberger Berman refinances two 2016 CLOs; HPS Investment refinances CLO second time

By Cristal Cody

Tupelo, Miss., Oct. 18 – Neuberger Berman Investment Advisers LLC refinanced two vintage 2016 CLOs, closing the deals this week.

Neuberger Berman Investment Advisers priced $371 million of notes in a refinancing of the Neuberger Berman CLO XXII, Ltd./Neuberger Berman CLO XXII, LLC offering.

The CLO priced the $246 million of class A-1-R senior secured floating-rate notes at Libor plus 113 basis points.

The original $409 million CLO was issued on Sept. 29, 2016. In that offering, the CLO had priced $248 million of class A senior secured floating-rate notes at Libor plus 145 bps.

The CLO manager also priced $368 million of notes in a reprint of the Neuberger Berman CLO XXIII, Ltd./Neuberger Berman CLO XXIII, LLC transaction.

The CLO sold $248 million of class A-R senior secured floating-rate notes at Libor plus 105 bps in the senior tranche.

In the original $412 million transaction issued Nov. 29, 2016, the CLO sold $248 million of the class A senior secured floating-rate notes at Libor plus 143 bps.

Neuberger Berman has refinanced four vintage CLOs year to date.

In other refinancing activity, HPS Investment Partners LLC priced $470.75 million of notes in a second reissue of a 2015 CLO.

Year to date, about $130 billion of vintage CLOs have been refinanced.

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