By Cristal Cody
Tupelo, Miss., Sept. 16 -Neuberger Berman Fixed Income LLC sold $412.21 million of notes due Oct. 15, 2025 in a collateralized loan obligation offering, according to informed sources on Monday.
Neuberger Berman CLO XV, Ltd./Neuberger Berman CLO XV, LLC priced $1.25 million of class X senior secured floating-rate notes (Aaa) at Libor plus 90 basis points; $105 million of class A-1 senior secured floating-rate notes (Aaa) at Libor plus 140 bps and $150 million of class A-2 senior secured floating-rate notes (Aaa) at Libor plus 110 bps for the first 18 months, then Libor plus 160 bps for the next 12 months and Libor plus 190 bps thereafter.
The CLO also sold $20 million of class B-1 senior secured floating-rate notes at Libor plus 172 bps; $25 million of 4.416% class B-2 senior secured fixed-rate notes; $29 million of class C-1 secured deferrable floating-rate notes at Libor plus 285 bps; $20.75 million of class D secured deferrable floating-rate notes at Libor plus 325 bps; $17.75 million of class E secured deferrable floating-rate notes at Libor plus 460 bps; $7.5 million of class F secured deferrable floating-rate notes at Libor plus 530 bps and $35.96 million of subordinated notes.
Wells Fargo Securities LLC was the underwriter.
The notes have a non-call period that ends in October 2015, except for the tranche of class A-2 notes, which are non-callable until April 2015.
The CLO has a four-year reinvestment period.
Neuberger Berman Fixed Income's last CLO offering was the $413.19 million Neuberger Berman CLO XIV, Ltd./Neuberger Berman CLO XIV, LLC deal that priced in May.
| Issuer: | Neuberger Berman CLO XV, Ltd./Neuberger Berman CLO XV, LLC
|
| Amount: | $412.21 million
|
| Maturity: | Oct. 15, 2025
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash-flow CLO
|
| Placement agent: | Wells Fargo Securities LLC
|
| Manager: | Neuberger Berman Fixed Income LLC
|
| Call feature: | October 2015/April 2015
|
| Settlement date: | Oct. 9
|
|
|
| Class X notes
|
| Amount: | $1.25 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: | $105 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 140 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A-2 notes
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| Amount: | $150 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 110 bps for the first 18 months, then Libor plus 160 bps for the next 12 months and Libor plus 190 bps thereafter
|
| Rating: | Moody's: Aaa
|
|
|
| Class B-1 notes
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| Amount: | $20 million
|
| Securities: | Senior deferrable floating-rate notes
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| Coupon: | Libor plus 172 bps
|
| Ratings: | Non-rated
|
|
|
| Class B-2 notes
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| Amount: | $25 million
|
| Securities: | Senior deferrable fixed-rate notes
|
| Coupon: | 4.416%
|
| Ratings: | Non-rated
|
|
|
| Class C-1 notes
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| Amount: | $29 million
|
| Securities: | Senior deferrable floating-rate notes
|
| Coupon: | Libor plus 285 bps
|
| Ratings: | Non-rated
|
|
|
| Class D notes
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| Amount: | $20.75 million
|
| Securities: | Senior deferrable floating-rate notes
|
| Coupon: | Libor plus 325 bps
|
| Ratings: | Non-rated
|
|
|
| Class E notes
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| Amount: | $17.75 million
|
| Securities: | Senior deferrable floating-rate notes
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| Coupon: | Libor plus 460 bps
|
| Ratings: | Non-rated
|
|
|
| Class F notes
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| Amount: | $7.5 million
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| Securities: | Senior deferrable floating-rate notes
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| Coupon: | Libor plus 530 bps
|
| Ratings: | Non-rated
|
|
|
| Equity tranche
|
| Amount: | $35.96 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
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