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Neuberger Berman offers $505.13 million CLO; secondary volume heavy in non-high-grade issues
By Cristal Cody
Tupelo, Miss., Dec. 3 – Neuberger Berman Loan Advisers LLC is marketing a $505.13 million CLO deal set to close in the new year ahead.
Natixis Securities Americas LLC is the placement agent.
More than $100 billion of new CLOs have priced year to date, though volume is slowing as the year closes, according to market sources.
In the securitized secondary market, Friday ended with heavy trading volume in non-high-grade CBO/CDO/CLO issues, Trace data shows.
The session had $1.45 billion of securities traded, as well as $116.1 million of investment-grade CBO/CDO/CLO securities. The non-investment-grade issues had an average trading price of 81.5, while the investment-grade securities had a 99.3 average trading price.
The previous session was light with only $79.11 million of high-grade CBO/CDO/CLO issues and $23.53 million of lower-rated CBO/CDO/CLO securities traded on Thursday.
Neuberger Berman plans deal
Neuberger Berman Loan Advisers LLC plans to price $505.13 million of notes due Jan. 20, 2031 in the Neuberger Berman Loan Advisors CLO 30, Ltd./Neuberger Berman Loan Advisors CLO 30, LLC transaction, according to a market source.
The deal includes $300 million of class A-1 floating-rate notes (//AAA); $25 million of class A-2 floating-rate notes (//AAA); $55 million of class B floating-rate notes; $32.5 million of class C floating-rate notes; $27.5 million of class D floating-rate notes; $20 million of class E floating-rate notes and $45.13 million of subordinated notes.
The CLO is backed primarily by broadly syndicated first lien senior secured corporate loans.
The deal is expected to close on Jan. 22.
Neuberger Berman is a Chicago-based firm that is part of Neuberger Berman Group, LLC.
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