Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers N > Headlines for Neuberger Berman Loan Advisers CLO 24, Ltd./Neuberger Berman Loan Advisers CLO 24 LLC > News item |
Neuberger Berman to refinance $437.75 million notes from vintage 2017 CLO offering
By Cristal Cody
Tupelo, Miss., Feb. 20 – Neuberger Berman Investment Advisers LLC plans to price $437.75 million of notes in a refinancing of the Neuberger Berman Loan Advisers CLO 24, Ltd./Neuberger Berman Loan Advisers CLO 24 LLC transaction, according to a notice of proposed first supplemental indenture on Wednesday.
The deal includes $318.5 million of class A-R senior secured floating-rate notes (expected ratings Aaa//AAA), $55 million of class B-R senior secured floating-rate notes (expected rating Aa2), $34.5 million of class C-R senior secured floating-rate notes (expected rating A2) and $29.75 million of class D-R senior secured floating-rate notes (expected rating Baa3).
Wells Fargo Securities, LLC is the refinancing placement agent.
The notes are due April 19, 2030.
The CLO will have an extended non-call period to but excluding the payment date in January 2021. The reinvestment period ends in April 2021.
In the original $511.04 million offering issued May 11, 2017, the CLO sold $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.
Proceeds will be used to redeem the outstanding notes.
The CLO is backed predominantly by broadly syndicated first-lien senior secured corporate loans.
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.