Chicago, July 2 – Neuberger Berman Investment Advisers LLC refinanced for $532.8 million the vintage 2015 Neuberger Berman CLO XX, Ltd./Neuberger Berman CLO XX, LLC transaction, according to an indenture and a notice.
The notes mature July 17, 2034.
The refinancing notes are the $5 million of class X-R senior secured floating-rate notes at Libor plus 95 basis points, $312.5 million of class A-RR senior secured floating-rate notes at Libor plus 116 bps and $61.5 million of class B-RR senior secured floating-rate notes at Libor plus 165 bps.
Lower, there are $24 million of class C-RR senior secured deferrable floating-rate notes at Libor plus 190 bps, $32 million of class D-RR senior secured deferrable floating-rate notes at Libor plus 295 bps and $28.5 million of class E-RR senior secured deferrable floating-rate notes at Libor plus 650 bps.
There are also $69.3 million of subordinated notes.
At the last refinancing there were $317.5 million of class A-R senior secured floating-rate notes at Libor plus 80 bps, $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.
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.
The reinvestment period now ends in July 2026.
Morgan Stanley & Co. LLC is the initial purchaser of the second refinancing notes.
The notes can be called after June 10, 2023.
The Chicago-based firm is part of Neuberger Berman Group, LLC.
| Issuers: | Neuberger Berman CLO XX, Ltd./Neuberger Berman CLO XX, LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $532.8 million
|
| Maturity: | July 17, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | Morgan Stanley & Co. LLC
|
| Manager: | Neuberger Berman Investment Advisers LLC
|
| Call feature: | June 10, 2023
|
| Settlement date: | June 10
|
|
|
| Class X-R notes
|
| Amount: | $5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 95 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A-RR notes
|
| Amount: | $312.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 116 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class B-RR notes
|
| Amount: | $61.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Rating: | Moody's: Aa2
|
|
|
| Class C-RR notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Rating: | Moody's: A2
|
|
|
| Class D-RR notes
|
| Amount: | $32 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 295 bps
|
| Rating: | Moody's: Baa3
|
|
|
| Class E-RR notes
|
| Amount: | $28.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 650 bps
|
| Rating: | Moody's: Ba3
|
|
|
| Subordinated notes
|
| Amount: | $69.3 million
|
| Securities: | Subordinated notes
|
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