Neuberger Berman plans to bring $569.75 million of notes in Neuberger Berman CLO XVII

By Cristal Cody

Tupelo, Miss., June 13 – Neuberger Berman Fixed Income LLC intends to offer $569.75 million of notes due Aug. 15, 2025 in the Neuberger Berman CLO XVII, Ltd./Neuberger Berman CLO XVII, LLC transaction, according to a market source.

The deal includes $4 million of class X senior secured floating-rate notes (Aaa/AAA/); $338.25 million of class A senior secured floating-rate notes (Aaa/AAA/); $74.25 million of class B senior secured floating-rate notes (/AA/); $41.25 million of class C deferrable floating-rate notes (/A/); $28,875,000 of class D deferrable floating-rate notes (/BBB-/); $26,125,000 of class E deferrable floating-rate notes (/BB-/) and $57 million of subordinated notes.

Morgan Stanley & Co. LLC is the placement agent.

Neuberger Berman Fixed Income will manage the CLO.

The CLO is backed primarily by a revolving pool of broadly syndicated senior secured loans.

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

Neuberger Berman was last in the primary market on Feb. 11 with the $572 million Neuberger Berman CLO XVI, Ltd./Neuberger Berman CLO XVI, LLC transaction.

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

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