Chicago, Jan. 27 – Neuberger Berman Loan Advisers II LLC sold $612 million in a collateralized loan obligation being issued by Neuberger Berman Loan Advisers CLO 46, Ltd., according to a pre-sale report.
The notes will mature on Jan. 20, 2036.
The CLO consists of $372 million of class A senior secured floating-rate notes at Libor plus 113 basis points, $84 million of class B senior secured floating-rate notes at Libor plus 165 bps, $36 million of class C senior secured deferrable floating-rate notes at Libor plus 195 bps, $36 million of class D senior secured deferrable floating-rate notes at Libor plus 300 bps, $24 million of class E senior secured deferrable floating-rate notes at Libor plus 625 bps and $60 million of subordinated notes.
Neuberger Berman Loan Advisers II LLC will manage the collateral through the end of the 5.1-year reinvestment period on 5.1 years.
Backing the notes are broadly syndicated senior secured corporate loans.
Morgan Stanley & Co. LLC was the placement agent.
The Chicago-based investment management firm is an affiliate of Neuberger Berman Group LLC.
| Issuer: | Neuberger Berman Loan Advisers CLO 46, Ltd.
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $612 million
|
| Maturity: | Jan. 20, 2036
|
| Structure: | Cash flow CLO
|
| Placement agent: | Morgan Stanley & Co. LLC
|
| Manager: | Neuberger Berman Loan Advisers II LLC
|
| Settlement date: | Dec. 22
|
|
|
| Class A notes
|
| Amount: | $372 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 113 bps
|
| Rating: | Moody's: Aaa
|
| Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $84 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Rating: | Moody's: NR
|
| Fitch: AA
|
|
|
| Class C notes
|
| Amount: | $36 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 195 bps
|
| Rating: | Moody's: NR
|
| Fitch: A
|
|
|
| Class D notes
|
| Amount: | $36 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 300 bps
|
| Rating: | Moody's: NR
|
| Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 625 bps
|
| Rating: | Moody's: Ba3
|
| Fitch: NR
|
|
|
| Subordinated notes
|
| Amount: | $60 million
|
| Securities: | Subordinated notes
|
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