By Cristal Cody
Eureka Springs, Ark., Nov. 4 – Neuberger Berman Investment Advisers LLC priced $412 million of notes due Oct. 17, 2027 in the Neuberger Berman CLO XXIII, Ltd./Neuberger Berman CLO XXIII, LLC transaction, according to details from a market source.
The CLO sold $248 million of class A senior secured floating-rate notes (Aaa/AAA) at Libor plus 143 basis points; $52 million of class B senior secured floating-rate notes (Aa2) at Libor plus 180 bps; $26 million of class C mezzanine secured deferrable floating-rate notes (A2) at Libor plus 255 bps; $25 million of class D mezzanine secured deferrable floating-rate notes (Baa3) at Libor plus 377 bps; $17 million of class E junior secured deferrable floating-rate notes (Ba3) at Libor plus 658 bps and $44 million of subordinated notes.
BofA Merrill Lynch arranged the transaction.
Neuberger Berman Investment Advisers will manage the CLO.
The CLO has a non-call period that ends Oct. 17, 2018. The reinvestment period ends July 17, 2021.
The deal is backed predominantly by broadly syndicated first-lien senior secured corporate loans and eligible investments.
Neuberger has priced two new CLOs and refinanced tranches from two vintage CLOs year to date.
The Chicago-based firm, part of Neuberger Berman Group, LLC, brought two CLO transactions to market in 2015.
| Issuer: | Neuberger Berman CLO XXIII, Ltd./Neuberger Berman CLO XXIII, LLC
|
| Amount: | $412 million
|
| Maturity: | Oct. 17, 2027
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | BofA Merrill Lynch
|
| Manager: | Neuberger Berman Investment Advisers LLC
|
| Call feature: | Oct. 17, 2018
|
| Pricing date: | Oct. 25
|
| Settlement date: | Nov. 29
|
|
|
| Class A notes
|
| Amount: | $248 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 143 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $52 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 180 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C notes
|
| Amount: | $26 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 255 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class D notes
|
| Amount: | $25 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 377 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class E notes
|
| Amount: | $17 million
|
| Securities: | Junior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 658 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Equity
|
| Amount: | $44 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
© 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.
