By Cristal Cody
Eureka Springs, Ark., July 11 – Neuberger Berman Fixed Income LLC refinanced $183 million of notes due July 25, 2023 in one tranche from a vintage collateralized loan obligation deal, according to a market source.
Neuberger Berman CLO XII, Ltd./Neuberger Berman CLO XII, LLC priced $183 million of class A-2R-R floating-rate notes at par to yield Libor plus 130 basis points.
The CLO brought the class A-2R replacement notes in a refinancing on July 11, 2014 at Libor plus 115 bps, which stepped up to Libor plus 190 bps after two years. The notes originally were sold in August 2012.
Citigroup Global Markets Inc. was the refinancing agent.
Neuberger Berman Fixed Income will manage the CLO.
The transaction is backed primarily by broadly syndicated senior secured loans.
Neuberger Berman Fixed Income also has priced one new CLO deal year to date.
The Chicago-based firm, which is part of Neuberger Berman Group, LLC, was in the CLO primary market with two transactions in 2015.
| Issuer: | Neuberger Berman CLO XII, Ltd./Neuberger Berman CLO XII, LLC
|
| Amount: | $183 million refinancing
|
| Maturity: | July 25, 2023
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Citigroup Global Markets Inc.
|
| Manager: | Neuberger Berman Fixed Income LLC
|
| Coupon: | Libor plus 130 bps
|
| Price: | Par
|
| Yield: | Libor plus 130 bps
|
| Ratings: | Non-rated
|
| Pricing date: | June 30
|
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