E-mail us: service@prospectnews.com Or call: 212 374 2800
Bank Loans - CLOs - Convertibles - Distressed Debt - Emerging Markets
Green Finance - High Yield - Investment Grade - Liability Management
Preferreds - Private Placements - Structured Products
 
Published on 11/14/2017 in the Prospect News CLO Daily.

Neuberger Berman to refinance $469.75 million 2015 CLO XX notes

By Cristal Cody

Tupelo, Miss., Nov. 14 – Neuberger Berman Investment Advisers LLC plans to refinance $469.75 million of notes due Jan. 15, 2028 from the vintage 2015 Neuberger Berman CLO XX, Ltd./Neuberger Berman CLO XX, LLC transaction, according to a notice of revised proposed supplemental indenture on Monday.

The CLO will reprice $317.5 million of class A-R senior secured floating-rate notes; $74.25 million of class B-R senior secured floating-rate notes; $39.88 million of class C-R senior secured deferrable floating-rate notes; $30.25 million of class D-R senior secured deferrable floating-rate notes; $23.38 million of class E-R mezzanine secured deferrable floating-rate notes and $55.3 million of F-R mezzanine secured deferrable floating-rate notes.

Morgan Stanley & Co. LLC is the financing placement agent.

Neuberger Berman Investment Advisers will continue to manage the CLO.

The original $511.25 million transaction was issued Nov. 20, 2015. The CLO sold $3 million of class X senior secured floating-rate notes at Libor plus 100 basis points; $317.5 million of class A senior secured floating-rate notes at Libor plus 154 bps; $37.5 million of class B senior secured floating-rate notes at Libor plus 225 bps; $25 million of class B loans at Libor plus 225 bps; $12.5 million of class C senior secured deferrable floating-rate notes at Libor plus 310 bps; $12.5 million of class C loans at Libor plus 310 bps; $30 million of class D senior secured deferrable floating-rate notes at Libor plus 395 bps; $22.75 million of class E mezzanine secured deferrable floating-rate notes at Libor plus 645 bps; $12 million of class F mezzanine secured deferrable floating-rate notes at Libor plus 765 bps and $38.5 million of subordinated notes.

Proceeds from the refinancing will be used to redeem the original notes on Nov. 20.

The transaction is backed primarily by broadly syndicated first-lien senior secured corporate loans.

Neuberger Berman has priced two new CLOs and refinanced three vintage CLOs year to date.

The company sold two new CLOs and refinanced tranches from three vintage CLOs in 2016.

The Chicago-based firm is part of Neuberger Berman Group, LLC.


© 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.