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Neuberger Berman Loan Advisors markets $602 million of notes in new CLO 32 offering
By Cristal Cody
Tupelo, Miss., Jan. 30 – Neuberger Berman Loan Advisers LLC plans to price $602,005,000 of notes due Jan. 12, 2031 in the new Neuberger Berman Loan Advisors CLO 32, Ltd./Neuberger Berman Loan Advisors CLO 32, LLC transaction, according to a market source.
The deal includes $366 million of class A floating-rate notes (AAA); $84 million of class B floating-rate notes (AA); $45 million of class C deferrable floating-rate notes (A); $30 million of class D deferrable floating-rate notes (BBB-); $23.25 million of class E deferrable floating-rate notes (BB-) and $53,755,000 of subordinated notes.
Wells Fargo Securities, LLC is the placement agent.
Neuberger Berman Loan Advisers will manage the CLO.
The issue has a two-year non-call period and a five-year reinvestment period.
The CLO is backed primarily by broadly syndicated first-lien senior secured corporate loans.
The deal is expected to close March 5.
Neuberger Berman is a Chicago-based investment management firm and an affiliate of Neuberger Berman Group, LLC.
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