New York, July 27 – Neuberger Berman Loan Advisers II LLC priced $608.50 million of notes and loans in a new collateralized loan obligation due July 16, 2035, according to a pre-sale report.
The securities will be issued by Neuberger Berman Loan Advisers CLO 42 Ltd.
The deal is made up of $179 million class A notes at Libor plus 110 basis points, $190 million of class A-L loans, also at Libor plus 110 bps, and $87 million of class B notes at Libor plus 160 bps. The A-L loans are convertible into class A notes.
Also included are $36 million of deferrable class C notes at Libor plus 85 bps, $36 million of deferrable class D notes at Libor plus 280 bps, $22.5 million of deferrable class E notes at Libor plus 595 bps and $58 million of subordinated notes.
SG Americas Securities LLC is the underwriter.
Neuberger Berman Loan Advisors II LLC is the CLO manager.
The CLO has a two-year non-call period ending on June 24, 2023 and a five-year reinvestment period ending July 16, 2026.
The notes are backed primarily by broadly syndicated senior secured corporate term loans.
The Chicago-based investment management firm is an affiliate of Neuberger Berman Group LLC.
| Issuer: | Neuberger Berman Loan Advisers CLO 42 Ltd.
|
| Amount: | $608.50 million
|
| Maturity: | July 16, 2035
|
| Securities: | Floating-rate and subordinated notes, floating-rate loans
|
| Structure: | Cash flow CLO
|
| Underwriter: | SG Americas Securities LLC
|
| Manager: | Neuberger Berman Loan Advisors II LLC
|
| Call feature: | June 24, 2023 onwards
|
| Settlement date: | June 24
|
|
|
| Class A notes
|
| Amount: | $179 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 110 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class A-L loans
|
| Amount: | $190 million
|
| Securities: | Floating-rate loans
|
| Coupon: | Libor plus 110 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $87 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Ratings: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $36 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 185 bps
|
| Ratings: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $36 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 280 bps
|
| Ratings: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $22.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 595 bps
|
| Ratings: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $58 million
|
| Securities: | Subordinated notes
|
| Ratings: | S&P: Non-rated
|
|
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