By Cristal Cody
Tupelo, Miss., April 21 – Neuberger Berman Investment Advisers LLC sold $511.04 million of notes due April 19, 2030 in the new Neuberger Berman Loan Advisers CLO 24, Ltd./Neuberger Berman Loan Advisers CLO 24 LLC transaction, according to details from a market source.
The CLO priced $318.5 million of class A floating-rate notes at par to yield Libor plus 123 basis points; $47 million of class B-1 floating-rate notes at par to yield Libor plus 160 bps; $8 million of 3.822% class B-2 fixed-rate notes at 99.9811; $34.5 million of class C floating-rate notes at par to yield Libor plus 245 bps; $29.75 million of class D floating-rate notes at par to yield Libor plus 340 bps; $22.25 million of class E floating-rate notes at 98.4657 and a coupon of Libor plus 602 bps and $51.04 million of subordinated notes.
Wells Fargo Securities, LLC was the placement agent.
Neuberger Berman Investment Advisers is the CLO manager.
The CLO has a two-year non-call period and a five-year reinvestment period.
The deal is backed predominantly by broadly syndicated first lien senior secured corporate loans.
Proceeds will be used to purchase a portfolio of about $500 million of mostly first lien senior secured leveraged loans.
Neuberger priced two new CLOs and refinanced tranches from three vintage CLOs in 2016.
The Chicago-based firm is part of Neuberger Berman Group, LLC.
| Issuer: | Neuberger Berman Loan Advisers CLO 24, Ltd./Neuberger Berman Loan Advisers CLO 24 LLC
|
| Amount: | $511.04 million
|
| Maturity: | April 19, 2030
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Wells Fargo Securities, LLC
|
| Manager: | Neuberger Berman Investment Advisers LLC
|
| Call feature: | Two years
|
| Pricing date: | March 31
|
| Settlement date: | May 11
|
| Distribution: | Rule 144A
|
|
|
| Class A notes
|
| Amount: | $318.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 123 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa expected
|
| Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $47 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Price: | Par
|
| Rating: | Moody’s: Aa2 expected
|
|
|
| Class B-2 notes
|
| Amount: | $8 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 3.822%
|
| Price: | 99.9811
|
| Rating: | Moody’s: Aa2 expected
|
|
|
| Class C notes
|
| Amount: | $34.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 245 bps
|
| Price: | Par
|
| Rating: | Moody’s: A2 expected
|
|
|
| Class D notes
|
| Amount: | $29.75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 340 bps
|
| Price: | Par
|
| Rating: | Moody’s: Baa3 expected
|
|
|
| Class E notes
|
| Amount: | $22.25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 602 bps
|
| Price: | 98.4657
|
| Rating: | Moody’s: Ba3 expected
|
|
|
| Equity
|
| Amount: | $51.04 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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