By Cristal Cody
Tupelo, Miss., Nov. 14 – Neuberger Berman Loan Advisers LLC priced $502.11 million of notes in a new broadly syndicated collateralized loan obligation transaction, according to a market source.
Neuberger Berman Loan Advisers CLO 34, Ltd./Neuberger Berman Loan Advisers CLO 34, LLC sold $160 million of class A-1 floating-rate notes at Libor plus 132 basis points and $160 million of class A-2 floating-rate notes at Libor plus 137 bps.
The CLO priced $40 million of class B-1 floating-rate notes at Libor plus 175 bps and $20 million of class B-2 floating-rate notes at Libor plus 260 bps.
Lower down the stack, Neuberger sold $10 million of 4.3% class C-1 fixed-rate notes, $20 million of class C-2 floating-rate note at Libor plus 420 bps and $30 million of class D floating-rate notes at Libor plus 780 bps.
The deal also included $20 million of class E floating-rate notes and $42.11 million of subordinated notes.
BNP Paribas Securities Corp. was the placement agent.
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 Advisers CLO 34, Ltd./Neuberger Berman Loan Advisers CLO 34, LLC
|
| Amount: | $502.11 million
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | BNP Paribas Securities Corp.
|
| Manager: | Neuberger Berman Loan Advisers LLC
|
| Pricing date: | Oct. 25
|
|
|
| Class A-1 notes
|
| Amount: | $160 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 132 bps
|
| Ratings: | S&P: AAA expected
|
| Fitch: AAA expected
|
|
|
| Class A-2 notes
|
| Amount: | $160 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 137 bps
|
| Ratings: | S&P: AAA expected
|
| Fitch: AAA expected
|
|
|
| Class B-1 notes
|
| Amount: | $40 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Rating: | S&P: AA expected
|
|
|
| Class B-2 notes
|
| Amount: | $20 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 260 bps
|
| Rating: | S&P: AA expected
|
|
|
| Class C-1 notes
|
| Amount: | $10 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 4.3%
|
| Rating: | S&P: A expected
|
|
|
| Class C-2 notes
|
| Amount: | $20 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 420 bps
|
| Rating: | S&P: A expected
|
|
|
| Class D notes
|
| Amount: | $30 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 780 bps
|
| Rating: | S&P: BBB- expected
|
|
|
| Class E notes
|
| Amount: | $20 million
|
| Securities: | Floating-rate notes
|
| Rating: | S&P: BB- expected
|
|
|
| Equity
|
| Amount: | $42.11 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
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