By Cady Vishniac
Detroit, Dec. 16 – Neuberger Berman Loan Advisers II LLC priced $505.95 million of notes due Jan. 20, 2032 in the manager’s fourth new broadly syndicated collateralized loan obligation transaction of the year to date, according to market sources.
Neuberger Berman Loan Advisers CLO 39 Ltd./Neuberger Berman Loan Advisers CLO 39 LLC sold $300 million of class A-1 floating-rate notes at Libor plus 135 basis points and $20 million of class A-2 floating-rate notes at Libor plus 145 bps.
The CLO also priced $60 million of class B floating-rate notes at Libor plus 160 bps, $30 million of class C deferrable floating-rate notes at Libor plus 225 bps, $30 million of class D deferrable floating-rate notes at Libor plus 360 bps, $16.25 million of class E deferrable floating-rate notes at Libor plus 720 bps and $49.7 million of subordinated notes.
Citigroup Global Markets Inc. is the placement agent.
Neuberger Berman Loan Advisors II LLC is the CLO manager.
The CLO has a one-year non-call period and a three-year reinvestment period ending Jan. 20, 2024.
The notes are backed primarily by broadly syndicated senior secured corporate loans.
Neuberger Berman has priced four new CLOs in the year to date.
The Chicago-based investment management firm is an affiliate of Neuberger Berman Group LLC.
| Issuer: | Neuberger Berman Loan Advisers CLO 39 Ltd./Neuberger Berman Loan Advisers CLO 39 LLC
|
| Amount: | $505.95 million
|
| Maturity: | Jan. 20, 2032
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | Neuberger Berman Loan Advisors II LLC
|
| Call feature: | One year
|
| Settlement date: | Dec. 22
|
|
|
| Class A-1 notes
|
| Amount: | $300 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 135 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class A-2 notes
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| Amount: | $20 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 145 bps
|
| Ratings: | S&P: Non-rated
|
|
|
| Class B notes
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| Amount: | $60 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Ratings: | S&P: AA
|
|
|
| Class C notes
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| Amount: | $30 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 225 bps
|
| Ratings: | S&P: A
|
|
|
| Class D notes
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| Amount: | $30 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 360 bps
|
| Ratings: | S&P: BBB-
|
|
|
| Class E notes
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| Amount: | $16.25 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 720 bps
|
| Ratings: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $49.7 million
|
| Securities: | Subordinated notes
|
| Ratings: | S&P: Non-rated
|
|
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