Neuberger Berman prices $561.3 million CLO; broadly syndicated deals top $80 billion

By Cristal Cody

Tupelo, Miss., Nov. 1 – Neuberger Berman Loan Advisers LLC tapped the CLO primary market with its second new broadly syndicated deal of the year.

The CLO manager sold $561.3 million of notes in the offering.

More than $81 billion of broadly syndicated CLOs have priced year to date, while middle-market CLO volume totals more than $10 billion so far in 2017, according to BofA Merrill Lynch.

Refinancing volume continues to remain heavy with more than $142 billion of vintage CLOs refinanced through October, BofA Merrill Lynch reports.

Neuberger Berman Loan Advisers priced $561.3 million of notes due Oct. 18, 2030 in the new Neuberger Berman Loan Advisors CLO 26, Ltd./Neuberger Berman Loan Advisors CLO 26, LLC offering, according to a market source.

The CLO sold $338.25 million of class A floating-rate notes at a discount margin of Libor plus 117 basis points at the top of the capital stack.

Wells Fargo Securities LLC was the placement agent.

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.

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