Neuberger Berman to price $512.85 million CLO XVIII offering

By Cristal Cody

Tupelo, Miss., Nov. 17 – Neuberger Berman Fixed Income LLC plans to price $512.85 million of notes due Nov. 14, 2025 in a collateralized loan obligation transaction, according to a market source.

The Neuberger Berman CLO XVIII, Ltd./Neuberger Berman CLO XVIII, LLC transaction includes $307.5 million of class A-1 senior secured floating-rate notes (Aaa); $65 million of class A-2 senior secured floating-rate notes; $37 million of class B senior secured deferrable floating-rate notes; $30 million of class C senior secured deferrable floating-rate notes; $20 million of class D mezzanine secured deferrable floating-rate notes and $53.35 million of subordinated notes.

Citigroup Global Markets Inc. is the placement agent.

Neuberger Berman Fixed Income will manage the CLO, which is backed primarily by first-lien senior secured loans and eligible investments.

The CLO has a two-year non-call period and a four-year reinvestment period.

Neuberger Berman has refinanced a vintage 2012 CLO and priced two CLO deals in 2014, including the $569.75 million Neuberger Berman CLO XVII, Ltd./Neuberger Berman CLO XVII, LLC offering in June.

The Chicago-based firm, part of Neuberger Berman Group, LLC, brought two CLO transactions in 2013.

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