By Cristal Cody
Tupelo, Miss., Feb. 10 – Neuberger Berman Investment Advisers LLC priced $368 million of notes due Jan. 28, 2030 in a second refinancing of the vintage 2013 Neuberger Berman CLO XIV, Ltd./Neuberger Berman CLO XIV LLC transaction, according to a notice of revised proposed third supplemental indenture on Friday.
The CLO priced $252.8 million of class A-R2 senior secured floating-rate notes at Libor plus 103 basis points; $51.4 million of class B-R2 senior secured floating-rate notes at Libor plus 150 bps; $24.25 million of class C-R2 mezzanine secured deferrable floating-rate notes at Libor plus 190 bps; $6.5 million of class D1-R2 mezzanine secured deferrable floating-rate notes at Libor plus 280 bps; $17.25 million of 4.188% class D2-R2 senior secured fixed-rate notes and $15.8 million of class E-R2 junior secured deferrable floating-rate notes at Libor plus 675 bps.
Citigroup Global Markets Inc. was the refinancing agent.
Neuberger Berman Investment Advisers is the CLO manager.
The refinanced notes have a non-call period to but excluding the payment date in January 2021.
In the original $413.19 million transaction issued on May 10, 2013, the CLO sold $1 million of class X senior secured floating-rate notes at Libor plus 90 bps; $217 million of class A-1 senior secured floating-rate notes at Libor plus 113 bps; $35 million of class A-2 senior secured floating-rate notes (Aaa) at Libor plus 113 bps; $30 million of class B-1 senior secured floating-rate notes at Libor plus 165 bps; $21 million of 3.146% class B-2 senior secured fixed-rate notes; $31 million of class C secured deferrable floating-rate notes at Libor plus 270 bps; $20 million of class D secured deferrable floating-rate notes at Libor plus 370 bps; $17 million of class E secured deferrable floating-rate notes at Libor plus 460 bps; and $41.19 million of subordinated notes.
The CLO was refinanced for the first time on April 28, 2017.
The deal is backed predominantly by broadly syndicated first-lien senior secured corporate loans.
Proceeds will be used to redeem the outstanding notes.
The Chicago-based firm is part of Neuberger Berman Group, LLC.
| Issuer: | Neuberger Berman CLO XIV, Ltd./ Neuberger Berman CLO XIV LLC
|
| Amount: | $368 million refinancing
|
| Maturity: | Jan. 28, 2030
|
| Securities: | Fixed- and floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Citigroup Global Markets Inc.
|
| Manager: | Neuberger Berman Investment Advisers LLC
|
| Call feature: | Non-callable to but excluding payment date in January 2021
|
| Settlement date: | Feb. 14
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class A-R2 notes
|
| Amount: | $252.8 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 102 bps
|
| Ratings: | S&P: AAA
|
| Fitch: AAA expected
|
|
|
| Class B-R2 notes
|
| Amount: | $51.4 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 150 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R2 notes
|
| Amount: | $24.25 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Rating: | S&P: A
|
|
|
| Class D1-R2 notes
|
| Amount: | $6.5 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 280 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class D2-R2 notes
|
| Amount: | $17.25 million
|
| Securities: | Mezzanine secured deferrable fixed-rate notes
|
| Coupon: | 4.188%
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R2 notes
|
| Amount: | $15.8 million
|
| Securities: | Junior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 675 bps
|
| Rating: | S&P: BB-
|
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