Chicago, Sept. 24 – Neuberger Berman Loan Advisers LLC priced $606 million of notes due Oct. 16, 2032 in the Neuberger Berman Loan Advisors CLO 33, Ltd./Neuberger Berman Loan Advisors CLO 33, LLC transaction, according to a market source.
The CLO sold $372 million of class A senior secured floating-rate notes at Libor plus 131 basis points and $84 million of class B floating-rate notes at Libor plus 175 bps.
Neuberger also priced $36 million of class C deferrable floating-rate notes at Libor plus 250 bps; $36 million of class D deferrable floating-rate notes at Libor plus 390 bps; $24 million of class E deferrable floating-rate notes at Libor plus 695 bps and $54 million of subordinated notes.
Credit Suisse Securities (USA) LLC was 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.
Neuberger Berman is a Chicago-based investment management firm and affiliate of Neuberger Berman Group, LLC.
| Issuer: | Neuberger Berman Loan Advisors CLO 33, Ltd./Neuberger Berman Loan Advisors CLO 33, LLC
|
| Amount: | $606 million
|
| Maturity: | Oct. 16, 2032
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Credit Suisse Securities (USA) LLC
|
| Manager: | Neuberger Berman Loan Advisers LLC
|
| Call feature: | Two years
|
| Pricing date: | Sept. 12
|
| Settlement date: | Sept. 19
|
|
|
| Class A notes
|
| Amount: | $372 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 131 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $84 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $36 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 250 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $36 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 390 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $24 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 695 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $54 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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