CLO refinancing action steady; Neuberger Berman, Crescent Capital reprice vintage CLOs

By Cristal Cody

Tupelo, Miss., Nov. 20 – CLO refinancing action continues to remain steady at the end of the year.

Neuberger Berman Investment Advisers LLC refinanced $469.75 million of notes from a 2015 CLO.

Crescent Capital Group LP priced a $385.83 million refinancing and reset of a 2013 CLO.

More than $145 billion of vintage CLOs have been refinanced and/or reset, while nearly $100 billion of new issue CLOs have priced year to date, according to market sources.

Neuberger refinances CLO

Neuberger Berman Investment Advisers 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 in the senior tranche.

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.

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.

Crescent Capital resets CLO

Crescent Capital Group sold $385.83 million of notes in a refinancing and reset of the 2013 Atlas Senior Loan Fund III, Ltd./Atlas Senior Loan Fund III, LLC transaction, according to a market source and a notice of executed second supplemental indenture on Monday.

Atlas Senior Loan Fund III priced the $255.2 million tranche of class A-R senior secured floating-rate notes at Libor plus 83 bps.

Goldman Sachs & Co. LLC arranged the deal.

The maturity on the refinanced notes was extended to Nov. 17, 2027 from the original Aug. 18, 2025 maturity.

The CLO was originally issued on July 9, 2013.

Crescent Capital priced one new CLO and refinanced two vintage CLOs in 2016.

The alternative asset management firm is based in Los Angeles.

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