By Cristal Cody
Tupelo, Miss., Nov. 20 – Neuberger Berman Investment Advisers LLC refinanced $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 executed supplemental indenture on Monday.
The CLO sold $317.5 million of class A-R senior secured floating-rate notes at Libor plus 80 basis points, $62.5 million of class B-R senior secured floating-rate notes at Libor plus 125 bps, $25 million of class C-R senior secured deferrable floating-rate notes at Libor plus 160 bps, $30 million of class D-R senior secured deferrable floating-rate notes at Libor plus 240 bps, $22.75 million of class E-R mezzanine secured deferrable floating-rate notes at Libor plus 500 bps and $12 million of F-R mezzanine secured deferrable floating-rate notes at Libor plus 745 bps.
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 bps, $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.
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.
| Issuer: | Neuberger Berman CLO XX, Ltd./Neuberger Berman CLO XX, LLC
|
| Amount: | $469.75 million refinancing
|
| Maturity: | Jan. 15, 2028
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Morgan Stanley & Co. LLC
|
| Manager: | Neuberger Berman Investment Advisers LLC
|
| Settlement date: | Nov. 20
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class A-R notes
|
| Amount: | $317.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 80 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B-R notes
|
| Amount: | $62.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 125 bps
|
| Rating: | Moody’s: Aa1
|
|
|
| Class C-R notes
|
| Amount: | $25 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class D-R notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 240 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class E-R notes
|
| Amount: | $22.75 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 500 bps
|
| Rating: | Moody’s: Ba2
|
|
|
| Class F-R notes
|
| Amount: | $12 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 745 bps
|
| Rating: | Moody’s: Ba2
|
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