By Cristal Cody
Tupelo, Miss., Oct. 13 – Neuberger Berman Loan Advisers LLC priced $506.4 million of notes due Oct. 20, 2032 in the manager’s third new broadly syndicated collateralized loan obligation transaction year to date, according to market sources.
Neuberger Berman Loan Advisers CLO 38, Ltd./Neuberger Berman Loan Advisers CLO 38, LLC sold $307.5 million of class A floating-rate notes at Libor plus 130 basis points and $72.5 million of class B floating-rate notes at Libor plus 170 bps.
The CLO also priced $30 million of class C deferrable floating-rate note at Libor plus 235 bps, $30 million of class D deferrable floating-rate notes at Libor plus 375 bps, $16.25 million of class E deferrable floating-rate notes at Libor plus 750 bps and $50.15 million of subordinated notes.
Barclays was the placement agent.
Neuberger Berman Loan Advisors II LLC is the CLO manager.
The CLO has a one-year non-call period and a three-year reinvestment period.
The notes are backed primarily by broadly syndicated first-lien senior secured corporate loans.
Neuberger Berman has priced three new CLOs and refinanced three vintage CLOs year to date.
The Chicago-based investment management firm is an affiliate of Neuberger Berman Group, LLC.
| Issuer: | Neuberger Berman Loan Advisers CLO 38, Ltd./Neuberger Berman Loan Advisers CLO 38, LLC
|
| Amount: | $506.4 million
|
| Maturity: | Oct. 20, 2032
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays
|
| Manager: | Neuberger Berman Loan Advisors II LLC
|
| Call feature: | One year
|
| Pricing date: | Sept. 10
|
| Settlement date: | Oct. 14
|
|
|
| Class A notes
|
| Amount: | $307.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 130 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class B notes
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| Amount: | $72.5 million
|
| Securities: | Floating-rate notes
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| Coupon: | Libor plus 170 bps
|
| Ratings: | S&P: AA
|
|
|
| Class C notes
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| Amount: | $30 million
|
| Securities: | Deferrable floating-rate notes
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| Coupon: | Libor plus 235 bps
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| Ratings: | S&P: A
|
|
|
| Class D notes
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| Amount: | $30 million
|
| Securities: | Deferrable floating-rate notes
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| Coupon: | Libor plus 375 bps
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| Ratings: | S&P: BBB-
|
|
|
| Class E notes
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| Amount: | $16.25 million
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| Securities: | Deferrable floating-rate notes
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| Coupon: | Libor plus 750 bps
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| Ratings: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $50.15 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
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