Neuberger Berman prices $398.4 million CLO; CVC Credit Partners wraps XVII euro CLO

By Cristal Cody

Tupelo, Miss., June 16 – In new deal action, Neuberger Berman Loan Advisers LLC priced $398.4 million of notes in the manager’s second new broadly syndicated CLO transaction of 2020.

In other market activity on Tuesday, CVC Credit Partners Group Ltd. closed on its previously reported €289.5 million CVC Cordatus Loan Fund XVII DAC offering.

The CLO sold €163.45 million of the class A senior secured floating-rate notes at Euribor plus 195 basis points.

Overall deal volume has been light since March due to the coronavirus pandemic impact.

More than $28 billion of dollar-denominated CLOs and more than €7 billion of European CLOs have priced year to date, according to market sources.

Neuberger Berman prints

Neuberger Berman Loan Advisers priced $398.4 million of notes due July 20, 2033 in the new deal, according to market sources.

Neuberger Berman Loan Advisers CLO 37, Ltd./Neuberger Berman Loan Advisers CLO 37, LLC sold $240 million of class A-1 floating-rate notes at Libor plus 175 bps at the top of the capital stack.

Credit Suisse Securities (USA) LLC was the placement agent.

The CLO will be managed by Neuberger Berman Loan Advisors II LLC.

The notes are backed primarily by broadly syndicated first-lien senior secured corporate loans.

In addition to two new CLOs, Neuberger Berman has refinanced three vintage CLOs year to date.

Neuberger Berman is a Chicago-based investment management firm and affiliate of Neuberger Berman Group, LLC.

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