By Cristal Cody
Tupelo, Miss., Jan. 29 – Neuberger Berman Loan Advisers LLC sold $510.8 million of notes due Jan. 15, 2030 in the new Neuberger Berman Loan Advisors CLO 27, Ltd./Neuberger Berman Loan Advisors CLO 27, LLC transaction, according to market sources.
The CLO priced $300 million of class A-1 senior secured floating-rate notes at a discount margin of Libor plus 103 basis points, $15 million of class A-2 senior secured floating-rate notes at a discount margin of Libor plus 110 bps and $60 million of class B senior secured floating-rate notes at a discount margin of Libor plus 140 bps.
Neuberger Berman Loan Advisors CLO 27 also sold $35 million of class C mezzanine secured deferrable floating-rate notes at a discount margin of Libor plus 170 bps; $30 million of class D mezzanine secured deferrable floating-rate notes at a discount margin of Libor plus 260 bps; $22.5 million of class E junior secured deferrable floating-rate notes at a discount margin of Libor plus 520 bps and $48.3 million of subordinated notes.
Barclays was the placement agent.
Neuberger Berman Loan Advisers will manage the CLO, which has a two-year non-call period and a five-year reinvestment period.
The transaction is backed primarily by broadly syndicated first-lien senior secured corporate loans.
Neuberger Berman priced two new CLOs and refinanced three vintage CLOs in 2017.
The Chicago-based firm is part of Neuberger Berman Group, LLC.
| Issuer: | Neuberger Berman Loan Advisors CLO 27, Ltd./Neuberger Berman Loan Advisors CLO 27, LLC
|
| Amount: | $510.8 million
|
| Maturity: | Jan. 15, 2030
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays
|
| Manager: | Neuberger Berman Loan Advisers LLC
|
| Call feature: | Two years
|
| Pricing date: | Jan. 24
|
| Settlement date: | March 2
|
|
|
| Class A-1 notes
|
| Amount: | $300 million
|
| Securities: | Senior secured floating-rate notes
|
| Discount margin: | Libor plus 103 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $15 million
|
| Securities: | Senior secured floating-rate notes
|
| Discount margin: | Libor plus 110 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: Non-rated
|
|
|
| Class B notes
|
| Amount: | $60 million
|
| Securities: | Senior secured floating-rate notes
|
| Discount margin: | Libor plus 140 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $35 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Discount margin: | Libor plus 170 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $30 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Discount margin: | Libor plus 260 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $22.5 million
|
| Securities: | Junior secured deferrable floating-rate notes
|
| Discount margin: | Libor plus 520 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $48.3 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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