Chicago, Oct. 10 – Neuberger Berman Loan Advisers II LLC issued $404.7 million of notes in a collateralized loan obligation from manager Neuberger Berman Loan Advisers LaSalle Street Lending CLO I, Ltd., according to a presale report.
The notes will mature in October 2037.
The CLO consists of $236 million of class A senior secured floating-rate notes at SOFR plus 190 basis points, $51 million of class B senior secured floating-rate notes at SOFR plus 285 bps, $17 million of class C-1 mezzanine secured deferrable floating-rate notes at SOFR plus 360 bps, $13 million of class C-2 7.5% mezzanine secured deferrable fixed-rate notes, $17 million of class D-1 mezzanine secured deferrable floating-rate notes at SOFR plus 500 bps, $9 million of class D-2 9% mezzanine secured deferrable fixed-rate notes, $17 million of class E junior secured deferrable floating-rate notes at SOFR plus 762 bps, $500,000 of class F junior secured deferrable floating-rate notes at SOFR plus 985 bps and $44.2 million of subordinated notes.
Neuberger Berman Loan Advisers II LLC will manage the collateral through the end of the reinvestment period on October 2028.
Collateral for the notes consists of non-investment-grade lightly- and broadly-syndicated loans and other assets.
The notes can be called starting October 2025.
SMBC Nikko Securities America, Inc. was the placement agent.
The Chicago-based investment management firm is an affiliate of Neuberger Berman Group LLC.
| Issuer: | Neuberger Berman Loan Advisers LaSalle Street Lending CLO I, Ltd.
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $404.7 million
|
| Maturity: | Oct. 26, 2037
|
| Structure: | Cash flow CLO
|
| Placement agent: | SMBC Nikko Securities America, Inc.
|
| Manager: | Neuberger Berman Loan Advisers II LLC
|
| Call feature: | October 2025
|
| Pricing date: | Sept. 29
|
| Settlement date: | Oct. 10
|
|
|
| Class A notes
|
| Amount: | $236 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 190 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class B notes
|
| Amount: | $51 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 285 bps
|
| Rating: | Moody's: Aa2
|
|
|
| Class C-1 notes
|
| Amount: | $17 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 360 bps
|
| Rating: | Fitch: A
|
|
|
| Class C-2 notes
|
| Amount: | $13 million
|
| Securities: | Mezzanine secured deferrable fixed-rate notes
|
| Coupon: | 7.5%
|
| Rating: | Fitch: A
|
|
|
| Class D-1 notes
|
| Amount: | $17 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 500 bps
|
| Rating: | Fitch: BBB-
|
|
|
| Class D-2 notes
|
| Amount: | $9 million
|
| Securities: | Mezzanine secured deferrable fixed-rate notes
|
| Coupon: | 9%
|
| Rating: | Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | $17 million
|
| Securities: | Junior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 762 bps
|
| Rating: | Fitch: BB-
|
|
|
| Class F notes
|
| Amount: | $500,000
|
| Securities: | Junior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 985 bps
|
| Rating: | Moody's: B3
|
|
|
| Subordinated notes
|
| Amount: | $44.2 million
|
| Securities: | Subordinated notes
|
|
|
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