Neuberger Berman prices $412 million; TPG sells $411 million; LCM refinances 2014 CLO

By Cristal Cody

Eureka Springs, Ark., Nov. 4 – Details emerged on two new deals to price in the U.S. CLO primary market and one refinanced transaction.

Neuberger Berman Investment Advisers LLC brought a $412 million CLO to market in its second new offering of the year.

TPG Institutional Credit Partners, LLC priced a new $411 million CLO in its second deal placement in 2016.

In other activity, LCM Asset Management LLC refinanced $330 million of notes in a vintage 2014 CLO.

More than $14 billion of CLOs have been refinanced year to date, according to market sources and Prospect News data.

Secondary trading was active on Thursday with $368 million of high-grade CBO/CDO/CLO issues and $191.99 million of non-investment-grade securities traded, according to Trace.

On Wednesday, $111.7 million of high-grade securities and $385.4 million of non-high-grade securities were traded.

Neuberger Berman Investment Advisers priced $412 million of notes due Oct. 17, 2027 in the Neuberger Berman CLO XXIII, Ltd./Neuberger Berman CLO XXIII, LLC transaction, according to a market source.

The CLO sold $248 million of class A senior secured floating-rate notes (Aaa/AAA) at Libor plus 143 basis points in the AAA-rated tranche.

BofA Merrill Lynch arranged the transaction.

The deal is backed predominantly by broadly syndicated first-lien senior secured corporate loans and eligible investments.

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