Chicago, Jan. 20 – Neuberger Berman Loan Advisers LLC refinanced a $506.88 million broadly syndicated loan CLO due April 20, 2033, according to a market source.
Neuberger Berman Loan Advisers CLO 36 Ltd./Neuberger Berman Loan Advisers CLO 36 LLC is both refinancing and extending the transaction.
The issuers are selling:
• $282.5 million of class A-1-R floating-rate notes at Libor plus 125 basis points;
• $37.5 million of class A-2-R 1.8% fixed-rate notes;
• $60 million of class B-R floating-rate notes at Libor plus 155 bps;
• $32.5 million of class C-R deferrable floating-rate notes at Libor plus 215 bps;
• $27.5 million of class D-R deferrable floating-rate notes at Libor plus 345 bps;
• $17.5 million of class E-R deferrable floating-rate notes at Libor plus 675 bps;
• $5 million of class F deferrable floating-rate notes at Libor plus 850 bps; and
• $44.38 million of subordinated notes.
Proceeds will be used to fully redeem the original class A, B, C, D and E notes from the April 2020 transaction.
There is a non-call period which ends on July 20, 2022.
The reinvestment period lasts until Jan. 20, 2025.
Wells Fargo Securities LLC is the initial purchaser, and Neuberger Berman Loan Advisers LLC will work as the collateral manager.
The Chicago-based investment management firm is an affiliate of Neuberger Berman Group LLC.
| Issuer: | Neuberger Berman Loan Advisers CLO 36 Ltd./Neuberger Berman Loan Advisers CLO 36 LLC
|
| Amount: | $506.875 million
|
| Maturity: | April 20, 2033
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Wells Fargo Securities LLC
|
| Manager: | Neuberger Berman Loan Advisors LLC
|
| Call feature: | Until July 20, 2022
|
| Settlement date: | Jan. 20
|
|
|
| Class A-1-R notes
|
| Amount: | $282.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 125 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class A-2-R notes
|
| Amount: | $37.5 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 1.8%
|
| Ratings: | S&P: AAA
|
|
|
| Class B-R notes
|
| Amount: | $60 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 155 bps
|
| Ratings: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $32.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 215 bps
|
| Ratings: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | $27.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 345 bps
|
| Ratings: | S&P: BBB-
|
|
|
| Class E-R notes
|
| Amount: | $17.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 675 bps
|
| Ratings: | S&P: BB-
|
|
|
| Class F notes
|
| Amount: | $5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 850 bps
|
| Ratings: | S&P: B
|
|
|
| Equity
|
| Amount: | $44.38 million
|
| Securities: | Subordinated notes
|
| Ratings: | S&P: Non-rated
|
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