By Cristal Cody
Tupelo, Miss., April 16 – Neuberger Berman Loan Advisers LLC priced $504,375,000 of notes due April 20, 2033 in a new broadly syndicated collateralized loan obligation transaction that closed on Thursday, according to market sources.
Neuberger Berman Loan Advisers CLO 36, Ltd./Neuberger Berman Loan Advisers CLO 36, LLC sold $320 million of class A floating-rate notes at Libor plus 112 basis points and $57.5 million of class B floating-rate notes at Libor plus 170 bps.
The CLO priced $35 million of class C deferrable floating-rate note at Libor plus 235 bps, $26.25 million of class D deferrable floating-rate notes at Libor plus 415 bps and $21.25 million of class E deferrable floating-rate notes at Libor plus 781 bps and $44,375,000 of subordinated notes.
Wells Fargo Securities LLC was the placement agent.
The CLO has a nine-month non-call period and a one-year reinvestment period.
The notes are backed primarily by broadly syndicated first-lien senior secured corporate loans.
Neuberger Berman is a Chicago-based investment management firm and affiliate of Neuberger Berman Group, LLC.
| Issuer: | Neuberger Berman Loan Advisers CLO 36, Ltd./Neuberger Berman Loan Advisers CLO 36, LLC
|
| Amount: | $504,375,000
|
| Maturity: | April 20, 2033
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Wells Fargo Securities LLC
|
| Manager: | Neuberger Berman Loan Advisers LLC
|
| Call feature: | Jan. 20, 2021
|
| Settlement date: | April 16
|
|
|
| Class A notes
|
| Amount: | $320 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 112 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $57.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $35 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 235 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $26.25 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 415 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $21.25 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 781 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $44,375,000
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
© 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.
