By Cristal Cody
Tupelo, Miss., July 22 – Neuberger Berman Fixed Income LLC sold $356.85 million of notes due July 25, 2023 in a refinancing of the Neuberger Berman CLO XII, Ltd./Neuberger Berman CLO XII, LLC transaction, according to a market source.
Neuberger Berman originally sold the $399 million deal in August 2012.
The CLO refinanced $1 million of class X-R floating-rate notes at Libor plus 125 basis points and $69 million of class A-1R floating-rate notes at Libor plus 125 bps.
The CLO refinanced $183 million of class A-2R floating-rate notes at Libor plus 115 bps; $42.75 million of class B-R floating-rate notes at Libor plus 210 bps; $27.1 million of class C-R floating-rate notes at Libor plus 310 bps; $15.5 million of class D-R floating-rate notes at Libor plus 400 bps and $18.5 million of class E-R floating-rate notes at Libor plus 625 bps.
BNP Paribas Securities Corp. was the refinancing agent.
Neuberger Berman Fixed Income will manage the refinanced CLO.
The firm has been in the primary market with two CLO deals in 2014, including the $569.75 million Neuberger Berman CLO XVII, Ltd./Neuberger Berman CLO XVII, LLC transaction that priced in June.
The Chicago-based firm, an affiliate of Neuberger Berman Group, LLC, priced two CLO deals in 2013.
Issuer: | Neuberger Berman CLO XII, Ltd./Neuberger Berman CLO XII, LLC
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Amount: | $356.85 million refinancing
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Maturity: | July 25, 2023
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Securities: | Floating-rate notes
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Structure: | Cash flow CLO
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Refinancing agent: | BNP Paribas Securities Corp.
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Manager: | Neuberger Berman Fixed Income LLC
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Pricing date: | July 11
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Class X-R notes
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Amount: | $1 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 125 bps
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Ratings: | Moody’s: Aaa expected
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| Standard & Poor’s: AAA expected
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Class A-1R notes
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Amount: | $69 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 125 bps
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Ratings: | Moody’s: Aaa expected
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| Standard & Poor’s: AAA expected
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Class A-2R notes
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Amount: | $183 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 115 bps
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Ratings: | Moody’s: Aaa expected
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| Standard & Poor’s: AAA expected
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Class B-R notes
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Amount: | $42.75 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 210 bps
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Rating: | Standard & Poor’s: AA expected
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Class C-R notes
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Amount: | $27.1 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 310 bps
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Rating: | Standard & Poor’s: A expected
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Class D-R notes
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Amount: | $15.5 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 400 bps
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Rating: | Standard & Poor’s: BBB expected
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Class E-R notes
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Amount: | $18.5 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 625 bps
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Rating: | Standard & Poor’s: BB expected
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