By Cristal Cody
Tupelo, Miss., June 16 – Neuberger Berman Loan Advisers LLC priced $398.4 million of notes due July 20, 2033 in the manager’s second new broadly syndicated collateralized loan obligation transaction of the year, according to market sources.
Neuberger Berman Loan Advisers CLO 37, Ltd./Neuberger Berman Loan Advisers CLO 37, LLC sold $240 million of class A-1 floating-rate notes at Libor plus 175 basis points, $8 million of class A-2 floating-rate notes at Libor plus 190 bps and $52 million of class B floating-rate notes at Libor plus 220 bps.
The CLO priced $24 million of class C deferrable floating-rate note at Libor plus 250 bps, $22 million of class D deferrable floating-rate notes at Libor plus 400 bps, $14 million of class E deferrable floating-rate notes at Libor plus 705 bps and $38.4 million of subordinated notes.
Credit Suisse Securities (USA) LLC was the placement agent.
The CLO will be managed by Neuberger Berman Loan Advisors II LLC.
The CLO has a one-year non-call period and a three-year reinvestment period.
The notes are backed primarily by broadly syndicated first-lien senior secured corporate loans.
In addition to two new CLOs, Neuberger Berman has refinanced three vintage CLOs year to date.
Neuberger Berman is a Chicago-based investment management firm and affiliate of Neuberger Berman Group, LLC.
| Issuers: | Neuberger Berman Loan Advisers CLO 37, Ltd./Neuberger Berman Loan Advisers CLO 37, LLC
|
| Amount: | $398.4 million
|
| Maturity: | July 20, 2033
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Credit Suisse Securities (USA) LLC
|
| Manager: | Neuberger Berman Loan Advisors II LLC
|
| Call feature: | One year
|
| Pricing date: | June 12
|
| Settlement date: | June 25
|
|
|
| Class A-1 notes
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| Amount: | $240 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
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| Amount: | $8 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
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| Amount: | $52 million
|
| Securities: | Floating-rate notes
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| Coupon: | Libor plus 220 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
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| Amount: | $24 million
|
| Securities: | Deferrable floating-rate notes
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| Coupon: | Libor plus 250 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
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| Amount: | $22 million
|
| Securities: | Deferrable floating-rate notes
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| Coupon: | Libor plus 400 bps
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| Rating: | S&P: BBB-
|
|
|
| Class E notes
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| Amount: | $14 million
|
| Securities: | Deferrable floating-rate notes
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| Coupon: | Libor plus 705 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $38.4 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
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