By Cristal Cody
Tupelo, Miss., Oct. 18 – Neuberger Berman Investment Advisers LLC priced $379.9 million of notes in a refinancing and reset of the 2013 vintage Neuberger Berman CLO XV, Ltd./Neuberger Berman CLO XV, LLC transaction, according to a market source and a notice of executed first supplemental indenture on Tuesday.
The CLO sold $4 million of class X-R senior secured floating-rate notes at Libor plus 65 basis points; $237.2 million of class A-1-R senior secured floating-rate notes at Libor plus 118 bps; $16.9 million of class A-2-R senior secured floating-rate notes at Libor plus 135 bps; $42.6 million of class B-R senior secured floating-rate notes at Libor plus 165 bps; $28.8 million of class C-R secured deferrable floating-rate notes at Libor plus 205 bps; $23.8 million of class D-R secured deferrable floating-rate notes at Libor plus 305 bps; $14.9 million of class E-R secured deferrable floating-rate notes at Libor plus 675 bps; $8 million of class F-R secured deferrable floating-rate notes at Libor plus 848 bps and $3.7 million of subordinated notes.
BofA Merrill Lynch was the refinancing agent.
Neuberger Berman Investment Advisers will continue to manage the CLO.
The maturity on the notes was extended to Oct. 15, 2029 from the original Oct. 15, 2025 maturity.
The CLO has a two-year non-call period and a five-year reinvestment period.
In the original $410.15 million transaction issued on Oct. 9, 2013, the CLO sold $1.25 million of class X senior secured floating-rate notes at Libor plus 90 bps; $105 million of class A-1 senior secured floating-rate notes at Libor plus 140 bps and $150 million of class A-2 senior secured floating-rate notes at Libor plus 110 bps for the first 18 months, then Libor plus 160 bps for the next 12 months and Libor plus 190 bps thereafter.
The CLO also sold $20 million of class B-1 senior secured floating-rate notes at Libor plus 172 bps; $25 million of 4.416% class B-2 senior secured fixed-rate notes; $29 million of class C-1 secured deferrable floating-rate notes at Libor plus 285 bps; $20.75 million of class D secured deferrable floating-rate notes at Libor plus 325 bps; $17.75 million of class E secured deferrable floating-rate notes at Libor plus 460 bps; $7.5 million of class F secured deferrable floating-rate notes at Libor plus 530 bps and $35.96 million of subordinated notes.
Proceeds were used to redeem the original notes.
The deal is backed predominantly by broadly syndicated first-lien senior secured corporate loans.
Neuberger Berman Fixed Income has priced one new CLO and refinanced three vintage CLOs year to date.
The CLO manager sold 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 CLO XV, Ltd./Neuberger Berman CLO XV, LLC
|
| Amount: | $379.9 million refinancing
|
| Maturity: | Oct. 15, 2029
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | BofA Merrill Lynch
|
| Manager: | Neuberger Berman Investment Advisers LLC
|
| Call feature: | Two years
|
| Settlement date: | Oct. 16
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class X-R notes
|
| Amount: | $4 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 65 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class A-1-R notes
|
| Amount: | $237.2 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 118 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class A-2-R notes
|
| Amount: | $16.9 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 135 bps
|
| Rating: | Moody’s: Aaa
|
|
|
| Class B-R notes
|
| Amount: | $42.6 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $28.8 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 205 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | $23.8 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 305 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R notes
|
| Amount: | $14.9 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 675 bps
|
| Rating: | S&P: BB-
|
|
|
| Class F-R notes
|
| Amount: | $8 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 848 bps
|
| Rating: | S&P: B-
|
|
|
| Equity
|
| Amount: | $3.7 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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