By Cristal Cody
Tupelo, Miss., May 7 - Neuberger Berman CLO XIV, Ltd./Neuberger Berman CLO XIV, LLC priced $413.19 million of floating-rate, fixed-rate and subordinated notes due April 15, 2025 in a collateralized loan obligation offering set to close on Friday, according to market sources.
Neuberger Berman sold $1 million of class X senior secured floating-rate notes (Aaa) at Libor plus 90 basis points; $217 million of class A-1 senior secured floating-rate notes (Aaa) at Libor plus 113 bps; $35 million of class A-2 senior secured floating-rate notes (Aaa) at Libor plus 113 bps; $30 million of class B-1 senior secured floating-rate notes at Libor plus 165 bps; $21 million of 3.146% class B-2 senior secured fixed-rate notes; $31 million of class C secured deferrable floating-rate notes at Libor plus 270 bps; $20 million of class D secured deferrable floating-rate notes at Libor plus 370 bps; $17 million of class E secured deferrable floating-rate notes at Libor plus 460 bps; and $41.19 million of subordinated notes.
Wells Fargo Securities LLC was the underwriter.
The CLO will be managed by Neuberger Berman Fixed Income LLC.
| Issuer: | Neuberger Berman CLO XIV, Ltd./Neuberger Berman CLO XIV, LLC
|
| Amount: | $413.19 million
|
| Maturity: | April 15, 2025
|
| Securities: | Floating-rate, fixed-rate and subordinated notes
|
| Structure: | Cash-flow CLO
|
| Placement agent: | Wells Fargo Securities LLC
|
| Manager: | Neuberger Berman Fixed Income LLC
|
| Call feature: | Two years
|
| Settlement date: | May 10
|
|
|
| Class X notes
|
| Amount: | $1 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 90 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A-1 notes
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| Amount: | $217 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 113 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A-2 notes
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| Amount: | $35 million
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| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 113 bps
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| Rating: | Moody's: Aaa
|
|
|
| Class B-1 notes
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| Amount: | $30 million
|
| Securities: | Senior secured floating-rate notes
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| Coupon: | Libor plus 165 bps
|
| Rating: | Non-rated
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|
|
| Class B-2 notes
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| Amount: | $21 million
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| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 3.146%
|
| Rating: | Non-rated
|
|
|
| Class C notes
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| Amount: | $31 million
|
| Securities: | Secured deferrable floating-rate notes
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| Coupon: | Libor plus 270 bps
|
| Rating: | Non-rated
|
|
|
| Class D notes
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| Amount: | $20 million
|
| Securities: | Secured deferrable floating-rate notes
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| Coupon: | Libor plus 370 bps
|
| Rating: | Non-rated
|
|
|
| Class E notes
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| Amount: | $17 million
|
| Securities: | Secured deferrable floating-rate notes
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| Coupon: | Libor plus 460 bps
|
| Rating: | Non-rated
|
|
|
| Subordinated notes
|
| Amount: | $41.19 million
|
| Securities: | Subordinated notes
|
| Rating: | Non-rated
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