By William Gullotti
Buffalo, N.Y., May 27 – Neuberger Berman Loan Advisers II LLC priced $510 million of notes in a collateralized loan obligation due April 15, 2034 according to market sources.
Neuberger Berman Loan Advisers CLO 41 Ltd./Neuberger Berman Loan Advisers CLO 41 LLC sold $310 million of class A floating-rate notes at Libor plus 102 basis points.
The CLO also priced $70 million of class B floating-rate notes at Libor plus 155 bps, $30 million of class C deferrable floating-rate notes at Libor plus 170 bps, $30 million of class D deferrable floating-rate notes at Libor plus 268 bps, $20 million of class E deferrable floating-rate notes at Libor plus 650 bps and $50 million of subordinated notes.
BofA Securities Inc. is the placement agent.
Neuberger Berman Loan Advisors II LLC is the CLO manager.
The CLO has a two-year non-call period ending April 15, 2023 and a five-year reinvestment period ending April 15, 2026.
The notes are backed primarily by broadly syndicated senior secured corporate loans.
The Chicago-based investment management firm is an affiliate of Neuberger Berman Group LLC.
| Issuer: | Neuberger Berman Loan Advisers CLO 41 Ltd./Neuberger Berman Loan Advisers CLO 41 LLC
|
| Amount: | $510 million
|
| Maturity: | April 15, 2034
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | BofA Securities Inc.
|
| Manager: | Neuberger Berman Loan Advisors II LLC
|
| Call feature: | Two years
|
| Settlement date: | April 28
|
|
|
| Class A notes
|
| Amount: | $310 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 102 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $70 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 155 bps
|
| Ratings: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $30 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Ratings: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $30 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 268 bps
|
| Ratings: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $20 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 650 bps
|
| Ratings: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $50 million
|
| Securities: | Subordinated notes
|
| Ratings: | S&P: Non-rated
|
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