By Cristal Cody
Tupelo, Miss., Dec. 20 – Neuberger Berman Loan Advisers LLC priced $560.5 million of notes due Jan. 19, 2033 in a new broadly syndicated collateralized loan obligation transaction, according to market sources.
Neuberger Berman Loan Advisers CLO 35, Ltd./Neuberger Berman Loan Advisers CLO 35, LLC sold $315 million of class A-1 floating-rate notes at Libor plus 134 basis points and $10 million of class A-2 floating-rate notes at Libor plus 170 bps.
The CLO priced a split class B tranche that included $60 million of 3.64% class B-1 interest-only notes and $60 million of class B-P notes, which is a principal-only note.
Neuberger sold $25 million of 4.3% class C deferrable floating-rate note at Libor plus 260 bps, $30 million of class D deferrable floating-rate notes at Libor plus 370 bps and $20 million of class E deferrable floating-rate notes at Libor plus 700 bps.
The deal included $14.7 million of class A subordinated notes and $25.8 million of class B subordinated notes.
SG Americas Securities LLC was the placement agent.
The CLO 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 Advisers CLO 35, Ltd./Neuberger Berman Loan Advisers CLO 35, LLC
|
| Amount: | $560.5 million
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| Maturity: | Jan. 19, 2033
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| Securities: | Fixed-rate, floating-rate and subordinated notes
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| Structure: | Cash flow CLO
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| Placement agent: | SG Americas Securities LLC
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| Manager: | Neuberger Berman Loan Advisers LLC
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| Call feature: | Two years
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| Pricing date: | Dec. 9
|
| Settlement date: | Dec. 19
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class A-1 notes
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| Amount: | $315 million
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| Securities: | Floating-rate notes
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| Coupon: | Libor plus 134 bps
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| Ratings: | S&P: AAA
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| Fitch: AAA
|
|
|
| Class A-2 notes
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| Amount: | $10 million
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| Securities: | Floating-rate notes
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| Coupon: | Libor plus 170 bps
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| Rating: | S&P: AAA
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|
|
| Class B-1 notes
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| Amount: | $60 million
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| Securities: | Interest-only notes
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| Coupon: | 3.64%
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| Rating: | S&P: AA
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|
|
| Class B-P notes
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| Amount: | $60 million
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| Securities: | Principal-only notes
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| Rating: | S&P: AA
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|
|
| Class C notes
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| Amount: | $25 million
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| Securities: | Deferrable floating-rate notes
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| Coupon: | Libor plus 260 bps
|
| Rating: | S&P: A
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|
|
| Class D notes
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| Amount: | $30 million
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| Securities: | Deferrable floating-rate notes
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| Coupon: | Libor plus 370 bps
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| Rating: | S&P: BBB-
|
|
|
| Class E notes
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| Amount: | $20 million
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| Securities: | Deferrable floating-rate notes
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| Coupon: | Libor plus 700 bps
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| Rating: | S&P: BB-
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|
|
| Class A equity
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| Amount: | $14.7 million
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| Securities: | Subordinated notes
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| Ratings: | Non-rated
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|
|
| Class B equity
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| Amount: | $25.8 million
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| Securities: | Subordinated notes
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| Ratings: | Non-rated
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