Chicago, Jan. 5 – Neuberger Berman Loan Advisers II LLC sold $611 million in a collateralized loan obligation being issued by Neuberger Berman Loan Advisers CLO 45 Ltd./Neuberger Berman Loan Advisers CLO 45 LLC, according to a pre-sale report.
The notes will mature on Oct. 14, 2035.
The CLO consists of $372 million of class A senior secured floating-rate notes at Libor plus 113 basis points, $84 million of class B senior secured floating-rate notes at Libor plus 165 bps, $36 million of class C senior secured deferrable floating-rate notes at Libor plus 200 bps, $36 million of class D senior secured deferrable floating-rate notes at Libor plus 300 bps, $24 million of class E senior secured deferrable floating-rate notes at Libor plus 625 bps and $59 million of subordinated notes.
Neuberger Berman Loan Advisers II LLC will manage the collateral through the end of the reinvestment period on Oct. 14, 2026.
The CLO will be collateralized primarily by senior secured loans, cash and eligible investments with the majority of borrowers based in the United States or Canada.
The notes can be called starting Oct. 14, 2023.
Credit Suisse Securities (USA) LLC was the placement agent.
The Chicago-based investment management firm is an affiliate of Neuberger Berman Group LLC.
The CLO is the fifth for the CLO manager for 2021.
| Issuer: | Neuberger Berman Loan Advisers CLO 45 Ltd./Neuberger Berman Loan Advisers CLO 45 LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $611 million
|
| Maturity: | Oct. 14, 2035
|
| Structure: | Cash flow CLO
|
| Placement agent: | Credit Suisse Securities (USA) LLC
|
| Manager: | Neuberger Berman Loan Advisers II LLC
|
| Call feature: | Oct. 14, 2023
|
| Settlement date: | Nov. 18
|
|
|
| Class A notes
|
| Amount: | $372 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 113 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $84 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $36 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $36 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 300 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 625 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $59 million
|
| Securities: | Subordinated notes
|
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