Chicago, Sept. 7 – Neuberger Berman Loan Advisers II LLC sold $565.99 million in a collateralized loan obligation being issued by Neuberger Berman Loan Advisers CLO 51, Ltd./Neuberger Berman Loan Advisers CLO 51, LLC, according to a presale report.
The notes will mature on Oct. 23, 2035.
The CLO consists of $344.8 million of class A-1 senior secured floating-rate notes at SOFR plus 220 basis points, $20 million of class A-2 4.91% senior secured fixed-rate notes, $54.15 million of class B senior secured floating-rate notes at SOFR plus 305 bps, $35.91 million of class C mezzanine secured deferrable floating-rate notes at SOFR plus 395 bps, $39.33 million of class D mezzanine secured deferrable floating-rate notes at SOFR plus 570 bps, $13.8 million of class E junior secured deferrable floating-rate notes at SOFR plus 809 bps, $1 million of class F junior secured deferrable floating-rate notes at SOFR plus 900 bps and $57 million of subordinated notes.
Neuberger Berman Loan Advisers II LLC will manage the collateral through the end of the reinvestment period in October 2027.
Collateral for the notes consists of non-investment-grade broadly syndicated loans.
The notes can be called starting July 2024.
Morgan Stanley & Co. LLC was the placement agent.
The Chicago-based investment management firm is an affiliate of Neuberger Berman Group LLC.
| Issuer: | Neuberger Berman Loan Advisers CLO 51, Ltd./Neuberger Berman Loan Advisers CLO 51, LLC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $565.99 million
|
| Maturity: | Oct. 23, 2035
|
| Structure: | Cash flow CLO
|
| Placement agent: | Morgan Stanley & Co. LLC
|
| Manager: | Neuberger Berman Loan Advisers II LLC
|
| Call feature: | July 2024
|
| Settlement date: | Sept. 8
|
|
|
| Class A-1 notes
|
| Amount: | $344.8 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 220 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A-2 notes
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| Amount: | $20 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 4.91%
|
| Rating: | Moody's: Aaa
|
|
|
| Class B notes
|
| Amount: | $54.15 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 305 bps
|
|
|
| Class C notes
|
| Amount: | $35.91 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 395 bps
|
|
|
| Class D notes
|
| Amount: | $39.33 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 570 bps
|
|
|
| Class E notes
|
| Amount: | $13.8 million
|
| Securities: | Junior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 809 bps
|
|
|
| Class F notes
|
| Amount: | $1 million
|
| Securities: | Junior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 900 bps
|
| Rating: | Moody's: B3
|
|
|
| Subordinated notes
|
| Amount: | $57 million
|
| Securities: | Subordinated notes
|
|
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