By Cristal Cody
Tupelo, Miss., Oct. 18 – Neuberger Berman Investment Advisers LLC priced $371 million of notes due Oct. 17, 2027 in a refinancing of the Neuberger Berman CLO XXII, Ltd./Neuberger Berman CLO XXII, LLC deal, according to a notice of executed supplemental indenture on Wednesday.
The CLO sold $3 million of class X-R senior secured floating-rate notes at Libor plus 90 basis points; $246 million of class A-1-R senior secured floating-rate notes at Libor plus 113 bps; $10 million of class A-2-R floating-rate notes at Libor plus 140 bps; $42 million of class B-R senior secured floating-rate notes at Libor plus 165 bps; $30 million of class C-R mezzanine secured deferrable floating-rate notes at Libor plus 220 bps; $24 million of class D-R mezzanine secured deferrable floating-rate notes at Libor plus 310 bps and $16 million of class E-R junior secured deferrable floating-rate notes at Libor plus 606 bps.
BofA Merrill Lynch arranged the transaction.
Neuberger Berman Investment Advisers will continue to manage the CLO.
The non-call period on the CLO was extended to October 2020, and the reinvestment period was extended to October 2023.
The original $409 million CLO was issued on Sept. 29, 2016. In that offering, the CLO had priced $248 million of class A senior secured floating-rate notes at Libor plus 145 bps; $52 million of class B senior secured floating-rate notes at Libor plus 180 bps; $26 million of class C mezzanine secured deferrable floating-rate notes at Libor plus 240 bps; $25 million of class D mezzanine secured deferrable floating-rate notes at Libor plus 385 bps; $17 million of class E junior secured deferrable floating-rate notes at Libor plus 675 bps and $41 million of subordinated notes.
Proceeds were used to redeem the original notes.
The deal is backed primarily by broadly syndicated first-lien senior secured corporate loans.
Neuberger Berman has refinanced four vintage CLOs year to date.
The Chicago-based firm is part of Neuberger Berman Group, LLC.
| Issuer: | Neuberger Berman CLO XXII, Ltd./Neuberger Berman CLO XXII, LLC
|
| Amount: | $371 million refinancing
|
| Maturity: | Oct. 17, 2027
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | BofA Merrill Lynch
|
| Manager: | Neuberger Berman Investment Advisers LLC
|
| Call feature: | October 2020
|
| Settlement date: | Oct. 17
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class X-R notes
|
| Amount: | $3 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 90 bps
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class A-1-R notes
|
| Amount: | $246 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 113 bps
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class A-2-R notes
|
| Amount: | $10 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 140 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class B-R notes
|
| Amount: | $42 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Rating: | Fitch: AA
|
|
|
| Class C-R notes
|
| Amount: | $30 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 220 bps
|
| Rating: | Fitch: A
|
|
|
| Class D-R notes
|
| Amount: | $24 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 310 bps
|
| Rating: | Fitch: BBB-
|
|
|
| Class E-R notes
|
| Amount: | $16 million
|
| Securities: | Junior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 606 bps
|
| Rating: | Fitch: BB-
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
