By Cristal Cody
Tupelo, Miss., April 10 – Neuberger Berman Loan Advisers LLC sold $375 million of notes due July 15, 2027 in a second refinancing of the vintage 2015 Neuberger Berman Loan Advisors CLO XIX, Ltd./Neuberger Berman Loan Advisors CLO XIX, LLC transaction, according to a notice of revised proposed supplemental indenture on Monday.
The CLO priced $254 million of class A-1-R2 senior secured floating-rate notes at Libor plus 80 basis points; $49 million of class A-2-R2 senior secured floating-rate notes at Libor plus 115 bps; $23.6 million of class B-R2 senior secured deferrable floating-rate notes at Libor plus 165 bps; $22.4 million of class C-R2 senior secured deferrable floating-rate notes at Libor plus 235 bps; $19.75 million of class D-R2 mezzanine secured deferrable floating-rate notes at Libor plus 555 bps and $6.25 million of class E-R2 mezzanine secured deferrable floating-rate notes at Libor plus 754 bps.
BofA Merrill Lynch arranged the transaction.
Neuberger Berman Investment Advisers will continue to manage the CLO.
The original $410.5 million CLO was issued on July 16, 2015. The CLO had priced $254 million of class A-1 floating-rate notes at Libor plus 142 bps; $49 million of class A-2 floating-rate notes at Libor plus 180 bps; $23.6 million of class B floating-rate notes at Libor plus 260 bps; $22.4 million of class C floating-rate notes at Libor plus 355 bps at 98.98; $19.75 million of class D floating-rate notes at Libor plus 525 bps at 93.26; $6.25 million of class E floating-rate notes at Libor plus 600 bps at 85.94 and $35.15 million of subordinated notes.
The notes were refinanced for the first time on July 17, 2017. In the $349 million first refinancing, the CLO sold $254 million of class A-1-R senior secured floating-rate notes at Libor plus 105 bps; $49 million of class A-2-R senior secured floating-rate notes at Libor plus 155 bps; $23.6 million of class B-R senior secured deferrable floating-rate notes at Libor plus 205 bps and $22.4 million of class C-R senior secured deferrable floating-rate notes at Libor plus 320 bps.
Proceeds from the second refinancing will be used to redeem the first refinanced notes.
The Chicago-based firm is part of Neuberger Berman Group, LLC.
| Issuer: | Neuberger Berman Loan Advisors CLO XIX, Ltd./Neuberger Berman Loan Advisors CLO XIX, LLC
|
| Amount: | $375 million refinancing
|
| Maturity: | July 15, 2027
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | BofA Merrill Lynch
|
| Manager: | Neuberger Berman Fixed Income LLC
|
| Settlement date: | April 16
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class A-1-R2 notes
|
| Amount: | $254 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 80 bps
|
| Ratings: | Moody’s: Aaa expected
|
| Fitch: AAA expected
|
|
|
| Class A-2-R2 notes
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| Amount: | $49 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 115 bps
|
| Rating: | Moody’s: Aa2 expected
|
|
|
| Class B-R2 notes
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| Amount: | $23.6 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Rating: | Moody’s: A2 expected
|
|
|
| Class C-R2 notes
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| Amount: | $22.4 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 235 bps
|
| Rating: | Moody’s: Baa3 expected
|
|
|
| Class D-R2 notes
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| Amount: | $19.75 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
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| Coupon: | Libor plus 555 bps
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| Rating: | Moody’s: Ba3 expected
|
|
|
| Class E-R2 notes
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| Amount: | $6.25 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 754 bps
|
| Rating: | Moody’s: B3 expected
|
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