Chicago, June 13 – Neuberger Berman Loan Advisers II LLC sold $581 million in a collateralized loan obligation being issued by Neuberger Berman Loan Advisers CLO 50, Ltd., according to multiple press releases.
The notes will mature on July 25, 2034.
The CLO consists of $372 million of class A-1 senior secured floating-rate notes at SOFR plus 183 basis points, $12 million of class A-2 senior secured floating-rate notes at SOFR plus 210 bps, $67.5 million of class B senior secured floating-rate notes at SOFR plus 250 bps, $34.5 million of class C mezzanine secured deferrable floating-rate notes at SOFR plus 325 bps, $37.5 million of class D mezzanine secured deferrable floating-rate notes at SOFR plus 450 bps, $22.5 million of class E junior secured deferrable floating-rate notes at SOFR plus 785 bps and $35 million of subordinated notes.
Neuberger Berman Loan Advisers II LLC will manage the collateral through the end of the reinvestment period in July 2027.
Collateral for the notes consists of first-lien senior secured leveraged loans.
The notes can be called starting July 2024.
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 50, Ltd.
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $581 million
|
| Maturity: | July 25, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | Morgan Stanley & Co. LLC
|
| Manager: | Neuberger Berman Loan Advisers II LLC
|
| Call feature: | July 2024
|
| Settlement date: | July 28
|
|
|
| Class A-1 notes
|
| Amount: | $372 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 183 bps
|
| Rating: | Moody's: Aaa
|
| Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $12 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 210 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $67.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 250 bps
|
| Rating: | Fitch: AA
|
|
|
| Class C notes
|
| Amount: | $34.5 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 325 bps
|
| Rating: | Fitch: A
|
|
|
| Class D notes
|
| Amount: | $37.5 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 450 bps
|
| Rating: | Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | $22.5 million
|
| Securities: | Junior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 785 bps
|
| Rating: | Moody's: Ba3
|
|
|
| Subordinated notes
|
| Amount: | $35 million
|
| Securities: | Subordinated notes
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
