By Cristal Cody
Tupelo, Miss., July 19 – Neuberger Berman Investment Advisers LLC refinanced $349 million of global notes due July 15, 2027 in the Neuberger Berman CLO XIX, Ltd./Neuberger Berman CLO XIX, LLC transaction, according to a notice of executed first supplemental indenture on Tuesday.
The CLO sold $254 million of class A-1-R senior secured floating-rate notes at Libor plus 105 basis points; $49 million of class A-2-R senior secured floating-rate notes at Libor plus 155 bps; $23.6 million of class B-R senior secured deferrable floating-rate notes at Libor plus 205 bps and $22.4 million of class C-R senior secured deferrable floating-rate notes at Libor plus 320 bps.
BNP Paribas Securities Corp. was the refinancing agent.
Neuberger Berman Investment Advisers will continue to manage the CLO.
In the original $410.15 million transaction priced on June 16, 2015, the CLO sold $254 million of class A-1 floating-rate notes at Libor plus 142 bps; $49 million of class A-2 floating-rate notes at Libor plus 180 bps; $23.6 million of class B floating-rate notes at Libor plus 260 bps; $22.4 million of class C floating-rate notes at Libor plus 355 bps at 98.98; $19.75 million of class D floating-rate notes at Libor plus 525 bps at 93.26; $6.25 million of class E floating-rate notes at Libor plus 600 bps at 85.94 and $35.15 million of subordinated notes.
Proceeds were used to redeem the original class A-1, A-2, B and C notes.
The deal is backed predominantly by broadly syndicated first-lien senior secured corporate loans.
The CLO manager has priced one new CLO and refinanced two vintage CLOs year to date.
Neuberger priced two new CLOs and refinanced tranches from three vintage CLOs in 2016.
The Chicago-based firm is part of Neuberger Berman Group, LLC.
| Issuer: | Neuberger Berman CLO XIX, Ltd./Neuberger Berman CLO XIX, LLC
|
| Amount: | $349 million refinancing
|
| Maturity: | July 15, 2027
|
| Securities: | Global floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | BNP Paribas Securities Corp.
|
| Manager: | Neuberger Berman Investment Advisers LLC
|
| Settlement date: | July 17
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class A-1-R notes
|
| Amount: | $254 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 105 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-2-R notes
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| Amount: | $49 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 155 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class B-R notes
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| Amount: | $23.6 million
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| Securities: | Senior secured deferrable floating-rate notes
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| Coupon: | Libor plus 205 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class C-R notes
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| Amount: | $22.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 320 bps
|
| Rating: | Moody’s: Baa3
|
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