Chicago, March 18 – Neuberger Berman Loan Advisers LLC repriced a $455.33 million arbitrage cash flow collateralized loan obligation with Neuberger Berman CLO XVI-S Ltd. listed as issuer, according to a pre-sale report.
The refinanced CLO with an April 15, 2034 maturity date, includes the $5 million of class X-R senior secured floating-rate notes at Libor plus 80 basis points, $279 million of class A-R senior secured floating-rate notes at Libor plus 104 bps, $61.75 million of class B-R senior secured deferrable floating-rate notes at Libor plus 140 bps, $28.25 million of class C-R senior secured deferrable floating-rate notes at Libor plus 190 bps, $27 million of class D-R senior secured deferrable floating-rate notes at Libor plus 290 bps, $15.75 million of class E-R senior secured deferrable floating-rate notes at Libor plus 625 bps, $7.75 million of class F-R senior secured deferrable floating-rate notes at Libor plus 829 bps and $30.83 million of subordinated notes.
Collateral for the notes is primarily first-lien senior secured leveraged loans.
The CLO has a five-year reinvestment period.
Neuberger Berman Loan Advisers is managing the collateral.
BofA Securities, Inc. is the arranger.
There are two years of call protection.
The Chicago-based investment management firm is an affiliate of Neuberger Berman Group LLC.
| Issuer: | Neuberger Berman CLO XVI-S Ltd.
|
| Issue: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Amount: | $455.33 million
|
| Maturity: | April 15, 2034
|
| Agent: | BofA Securities, Inc.
|
| Manager: | Neuberger Berman Loan Advisers LLC
|
| Call: | Two years
|
| Pricing date: | March 17
|
| Settlement date: | March 30
|
|
|
| Class X-R notes
|
| Amount: | $5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 80 bps
|
| Rating: | Fitch: Non-rated
|
|
|
| Class A-R notes
|
| Amount: | $279 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 104 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class B-R notes
|
| Amount: | $61.75 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 140 bps
|
|
|
| Class C-R notes
|
| Amount: | $28.25 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
|
|
| Class D-R notes
|
| Amount: | $27 million
|
| Securities: | Senior secured Deferrable floating-rate notes
|
| Coupon: | Libor plus 290 bps
|
|
|
| Class E-R notes
|
| Amount: | $15.75 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 625 bps
|
|
|
| Class F-R notes
|
| Amount: | $7.75 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 829 bps
|
|
|
| Subordinated notes
|
| Amount: | $30.83 million
|
| Securities: | Subordinated notes
|
|
|
|
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