By Cristal Cody
Tupelo, Miss., Dec. 20 – Neuberger Berman Loan Advisers LLC priced $560.5 million of notes due Jan. 19, 2033 in a new broadly syndicated collateralized loan obligation transaction, according to market sources.
Neuberger Berman Loan Advisers CLO 35, Ltd./Neuberger Berman Loan Advisers CLO 35, LLC sold $315 million of class A-1 floating-rate notes at Libor plus 134 basis points and $10 million of class A-2 floating-rate notes at Libor plus 170 bps.
The CLO priced a split class B tranche that included $60 million of 3.64% class B-1 interest-only notes and $60 million of class B-P notes, which is a principal-only note.
Neuberger sold $25 million of 4.3% class C deferrable floating-rate note at Libor plus 260 bps, $30 million of class D deferrable floating-rate notes at Libor plus 370 bps and $20 million of class E deferrable floating-rate notes at Libor plus 700 bps.
The deal included $14.7 million of class A subordinated notes and $25.8 million of class B subordinated notes.
SG Americas Securities LLC was the placement agent.
The CLO has a two-year non-call period and a five-year reinvestment period.
The CLO is backed primarily by broadly syndicated first-lien senior secured corporate loans.
Neuberger Berman is a Chicago-based investment management firm and affiliate of Neuberger Berman Group, LLC.
Issuer: | Neuberger Berman Loan Advisers CLO 35, Ltd./Neuberger Berman Loan Advisers CLO 35, LLC
|
Amount: | $560.5 million
|
Maturity: | Jan. 19, 2033
|
Securities: | Fixed-rate, floating-rate and subordinated notes
|
Structure: | Cash flow CLO
|
Placement agent: | SG Americas Securities LLC
|
Manager: | Neuberger Berman Loan Advisers LLC
|
Call feature: | Two years
|
Pricing date: | Dec. 9
|
Settlement date: | Dec. 19
|
Distribution: | Rule 144A and Regulation S
|
|
Class A-1 notes
|
Amount: | $315 million
|
Securities: | Floating-rate notes
|
Coupon: | Libor plus 134 bps
|
Ratings: | S&P: AAA
|
| Fitch: AAA
|
|
Class A-2 notes
|
Amount: | $10 million
|
Securities: | Floating-rate notes
|
Coupon: | Libor plus 170 bps
|
Rating: | S&P: AAA
|
|
Class B-1 notes
|
Amount: | $60 million
|
Securities: | Interest-only notes
|
Coupon: | 3.64%
|
Rating: | S&P: AA
|
|
Class B-P notes
|
Amount: | $60 million
|
Securities: | Principal-only notes
|
Rating: | S&P: AA
|
|
Class C notes
|
Amount: | $25 million
|
Securities: | Deferrable floating-rate notes
|
Coupon: | Libor plus 260 bps
|
Rating: | S&P: A
|
|
Class D notes
|
Amount: | $30 million
|
Securities: | Deferrable floating-rate notes
|
Coupon: | Libor plus 370 bps
|
Rating: | S&P: BBB-
|
|
Class E notes
|
Amount: | $20 million
|
Securities: | Deferrable floating-rate notes
|
Coupon: | Libor plus 700 bps
|
Rating: | S&P: BB-
|
|
Class A equity
|
Amount: | $14.7 million
|
Securities: | Subordinated notes
|
Ratings: | Non-rated
|
|
Class B equity
|
Amount: | $25.8 million
|
Securities: | Subordinated notes
|
Ratings: | Non-rated
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.