By Cristal Cody
Tupelo, Miss., Nov. 1 – Neuberger Berman Loan Advisers LLC 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; $74.25 million of class B floating-rate notes at a discount margin of Libor plus 150 bps; $39.88 million of class C floating-rate notes at a discount margin of Libor plus 175 bps; $30.25 million of class D floating-rate notes at a discount margin of Libor plus 265 bps; $23.38 million of class E floating-rate notes at a discount margin of Libor plus 590 bps and $55.3 million of subordinated notes.
Wells Fargo Securities LLC was the placement agent.
Neuberger Berman Loan Advisers will manage the CLO.
The CLO has a two-year non-call period and a five-year reinvestment period.
Proceeds will be used to purchase a portfolio of mostly first-lien senior secured leveraged loans.
The transaction is backed primarily by broadly syndicated first-lien senior secured corporate loans.
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.
| Issuer: | Neuberger Berman Loan Advisors CLO 26, Ltd./Neuberger Berman Loan Advisors CLO 26, LLC
|
| Amount: | $561.3 million
|
| Maturity: | Oct. 18, 2030
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Wells Fargo Securities LLC
|
| Manager: | Neuberger Berman Loan Advisers LLC
|
| Call feature: | Two years
|
| Pricing date: | Oct. 26
|
| Settlement date: | Nov. 29
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class A notes
|
| Amount: | $338.25 million
|
| Securities: | Floating-rate notes
|
| Discount margin: | Libor plus 117 bps
|
| Ratings: | Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $74.25 million
|
| Securities: | Floating-rate notes
|
| Discount margin: | Libor plus 150 bps
|
| Ratings: | Non-rated
|
|
|
| Class C notes
|
| Amount: | $39.88 million
|
| Securities: | Floating-rate notes
|
| Discount margin: | Libor plus 175 bps
|
| Ratings: | Non-rated
|
|
|
| Class D notes
|
| Amount: | $30.25 million
|
| Securities: | Floating-rate notes
|
| Discount margin: | Libor plus 265 bps
|
| Ratings: | Non-rated
|
|
|
| Class E notes
|
| Amount: | $23.38 million
|
| Securities: | Floating-rate notes
|
| Discount margin: | Libor plus 590 bps
|
| Ratings: | Non-rated
|
|
|
| Equity
|
| Amount: | $55.3 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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