By Cristal Cody
Tupelo, Miss., Dec. 1 – Neuberger Berman Fixed Income LLC priced $512.85 million of notes due Nov. 14, 2025 in a collateralized loan obligation transaction, according to details from a market source.
Neuberger Berman CLO XVIII, Ltd./Neuberger Berman CLO XVIII, LLC sold $307.5 million of class A-1 senior secured floating-rate notes at Libor plus 148 basis points; $65 million of class A-2 senior secured floating-rate notes at Libor plus 253 bps; $37 million of class B senior secured deferrable floating-rate notes at Libor plus 315 bps; $30 million of class C senior secured deferrable floating-rate notes at Libor plus 375 bps; $20 million of class D mezzanine secured deferrable floating-rate notes at Libor plus 525 bps and $53.35 million of subordinated notes.
Citigroup Global Markets Inc. was 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 previously had priced two CLOs in 2014, including the $569.75 million Neuberger Berman CLO XVII, Ltd./Neuberger Berman CLO XVII, LLC offering on June 19.
The Chicago-based firm, part of Neuberger Berman Group, LLC, brought two CLO transactions in 2013.
| Issuer: | Neuberger Berman CLO XVIII, Ltd./Neuberger Berman CLO XVIII, LLC
|
| Amount: | $512.85 million
|
| Maturity: | Nov. 14, 2025
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | Neuberger Berman Fixed Income LLC
|
| Call feature: | Two years
|
| Pricing date: | Nov. 14
|
| Settlement date: | Dec. 15
|
|
|
| Class A-1 notes
|
| Amount: | $307.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 148 bps
|
| Ratings: | Moody’s: Aaa
|
| Standard & Poor’s: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $65 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 253 bps
|
| Rating: | Standard & Poor’s: AA
|
|
|
| Class B notes
|
| Amount: | $37 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 315 bps
|
| Rating: | Standard & Poor’s: A
|
|
|
| Class C notes
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| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 375 bps
|
| Rating: | Standard & Poor’s: BBB
|
|
|
| Class D notes
|
| Amount: | $20 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 525 bps
|
| Rating: | Standard & Poor’s: BB
|
|
|
| Equity tranche
|
| Amount: | $53.35 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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