By Cristal Cody
Tupelo, Miss., March 6 – Neuberger Berman Loan Advisers LLC sold $437.75 million of notes due April 19, 2030 at par in a refinancing of the vintage 2017 Neuberger Berman Loan Advisers CLO 24, Ltd./Neuberger Berman Loan Advisers CLO 24, LLC transaction, according to a market source and a notice of revised proposed first supplemental indenture.
The CLO priced $318.5 million of class A-R senior secured floating-rate notes at Libor plus 102 basis points, $55 million of class B-R senior secured floating-rate notes at Libor plus 150 bps, $34.5 million of class C senior secured floating-rate notes at Libor plus 195 bps and $29.75 million of class D-R senior secured floating-rate notes at Libor plus 275 bps.
Wells Fargo Securities, LLC was the refinancing placement agent.
Neuberger Berman Loan Advisers will continue to manage the CLO.
The refinanced notes have an extended non-call period to but excluding the payment date in January 2021. The reinvestment period ends in April 2022.
The original $511.04 million CLO was issued May 11, 2017.
In that offering, the CLO sold $318.5 million of class A floating-rate notes at par to yield Libor plus 123 bps; $47 million of class B-1 floating-rate notes at par to yield Libor plus 160 bps; $8 million of 3.822% class B-2 fixed-rate notes at 99.9811; $34.5 million of class C floating-rate notes at par to yield Libor plus 245 bps; $29.75 million of class D floating-rate notes at par to yield Libor plus 340 bps; $22.25 million of class E floating-rate notes at 98.4657 and a coupon of Libor plus 602 bps and $51.04 million of subordinated notes.
Proceeds will be used to redeem the original notes.
The CLO is backed primarily by broadly syndicated first-lien senior secured corporate loans.
The Chicago-based firm is part of Neuberger Berman Group, LLC.
Issuer: | Neuberger Berman Loan Advisers CLO 24, Ltd./Neuberger Berman Loan Advisers CLO 24, LLC
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Amount: | $437.75 million refinancing
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Maturity: | April 19, 2030
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Securities: | Floating-rate notes
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Structure: | Cash flow CLO
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Refinancing agent: | Wells Fargo Securities, LLC
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Manager: | Neuberger Berman Loan Advisers LLC
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Call feature: | To but excluding payment date in January 2021
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Pricing date: | Feb. 21
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Settlement date: | March 12
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Distribution: | Rule 144A and Regulation S
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Class A-R notes
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Amount: | $318.5 million
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Securities: | Senior secured floating-rate notes
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Coupon: | Libor plus 102 bps
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Price: | Par
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Ratings: | Moody’s: Aaa expected
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| Fitch: AAA expected
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Class B-R notes
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Amount: | $55 million
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Securities: | Senior secured floating-rate notes
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Coupon: | Libor plus 150 bps
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Price: | Par
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Rating: | Moody’s: Aa2 expected
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Class C-R notes
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Amount: | $34.5 million
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Securities: | Senior secured floating-rate notes
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Coupon: | Libor plus 195 bps
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Price: | Par
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Rating: | Moody’s: A2 expected
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Class D-R notes
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Amount: | $29.75 million
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Securities: | Senior secured floating-rate notes
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Coupon: | Libor plus 275 bps
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Price: | Par
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Rating: | Moody’s: Baa3 expected
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