Chicago, May 12 – Neuberger Berman Investment Advisers LLC refinanced all but the subordinated notes from the collateralized loan obligation originally issued by Neuberger Berman CLO XXI, Ltd./Neuberger Berman CLO XXI, LLC, according to a notice.
The $465.2 million refinancing has an extended April 20, 2034 maturity date.
Neuberger Berman priced $5 million of class X-R2 senior secured floating-rate notes at Libor plus 90 basis points, $300 million of class A-1-R2 senior secured floating-rate notes at Libor plus 108 bps, $20 million of class A-2-R2 senior secured floating-rate notes at Libor plus 140 bps and $57.3 million of class B-R2 senior secured floating-rate notes at Libor plus 165 bps.
The refinancing also includes $24.8 million of class C-R2 mezzanine secured deferrable floating-rate notes at Libor plus 205 bps, $32.3 million of class D-R2 mezzanine secured deferrable floating-rate notes at Libor plus 330 bps and $25.8 million of class E-R2 junior secured deferrable floating-rate notes at Libor plus 646 bps.
Previously, the CLO priced $3 million of class X senior secured floating-rate notes at Libor plus 100 bps and $223.2 million of class A senior secured floating-rate notes at Libor plus 155 bps at the top of the capital structure.
The CLO also previously sold $20 million of class B-1 senior secured floating-rate notes at Libor plus 240 bps and $25 million of 3.65% class B-2 senior secured fixed-rate notes.
Neuberger Berman CLO XXI also priced $15.5 million of class C-1 mezzanine secured deferrable floating-rate notes at Libor plus 330 bps; $7.9 million of 5.21% class C-2 mezzanine secured deferrable fixed-rate notes; $19.8 million of class D mezzanine secured deferrable floating-rate notes at Libor plus 495 bps; $16.2 million of class E junior secured deferrable floating-rate notes at Libor plus 700 bps and $30.9 million of subordinated notes.
Neuberger Berman Investment Advisers will continue to manage the collateral through the five-year reinvestment period.
Most of the collateral must be in the form of senior secured loans, cash and eligible investments.
The Chicago-based firm is part of Neuberger Berman Group, LLC.
| Issuers: | Neuberger Berman CLO XXI, Ltd./Neuberger Berman CLO XXI, LLC
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| Issue: | Floating-rate notes
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| Structure: | Cash flow CLO
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| Amount: | $465.2 million
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| Maturity: | April 20, 2034
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| Manager: | Neuberger Berman Investment Advisers LLC
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| Announcement date: | May 3
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|
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| Class X-R2 notes
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| Amount: | $5 million
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| Securities: | Senior secured floating-rate notes
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| Coupon: | Libor plus 90 bps
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| Rating: | Moody's: Aaa
|
|
|
| Class A-1-R2 notes
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| Amount: | $300 million
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| Securities: | Senior secured floating-rate notes
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| Coupon: | Libor plus 108 bps
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| Rating: | Moody's: Aaa
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|
|
| Class A-2-R2 notes
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| Amount: | $20 million
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| Securities: | Senior secured floating-rate notes
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| Coupon: | Libor plus 140 bps
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| Rating: | Moody's: Aaa
|
|
|
| Class B-R2 notes
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| Amount: | $57.3 million
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| Securities: | Senior secured floating-rate notes
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| Coupon: | Libor plus 165 bps
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| Rating: | Moody's: Aa2
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|
|
| Class C-R2 notes
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| Amount: | $24.8 million
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| Securities: | Mezzanine secured deferrable floating-rate notes
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| Coupon: | Libor plus 205 bps
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| Rating: | Moody's: A2
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|
|
| Class D-R2 notes
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| Amount: | $32.3 million
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| Securities: | Mezzanine secured deferrable floating-rate notes
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| Coupon: | Libor plus 330 bps
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| Rating: | Moody's: Baa3
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|
|
| Class E-R2 notes
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| Amount: | $25.8 million
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| Securities: | Junior secured deferrable floating-rate notes
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| Coupon: | Libor plus 646 bps
|
| Rating: | Moody's: Ba3
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