Chicago, March 31 – Neuberger Berman Europe Ltd. sold a €310.8 million cash flow CLO due April 17, 2034 with Neuberger Berman Loan Advisers Euro CLO 1 DAC listed as issuer, according to a notice.
The offering has €186 million of class A senior secured floating-rate notes at Euribor plus 88 basis points, €21.3 million of class B-1 senior secured floating-rate notes at Euribor plus 135 bps and €9 million of class B-2 1.7% senior secured fixed-rate notes.
Additionally, the transaction includes €17.9 million of class C senior secured deferrable floating-rate notes at Euribor plus 210 bps, €18.9 million of class D senior secured deferrable floating-rate notes at Euribor plus 300 bps, €16.9 million of class E senior secured deferrable floating-rate notes at Euribor plus 552 bps and €8.3 million of class F senior secured deferrable floating-rate notes at Euribor plus 790 bps.
There are also €29 million of subordinated notes, €500,000 of senior preferred return notes, €1.95 million of subordinated preferred return notes and €1 million of performance notes.
Morgan Stanley & Co. International plc is the underwriter.
Collateral for the notes will primarily come from senior secured obligations.
Neuberger Berman Europe will mange the collateral for the four years of the reinvestment period.
The managing firm is based in London.
| Issuer: | Neuberger Berman Europe Ltd.
|
| Issue: | Floating-rate, fixed-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Amount: | €310.8 million
|
| Maturity: | April 17, 2034
|
| Agent: | Morgan Stanley & Co. International plc
|
| Manager: | Neuberger Berman Europe Ltd.
|
| Settlement date: | March 29
|
|
|
| Class A notes
|
| Amount: | €186 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 88 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class B-1 notes
|
| Amount: | €21.3 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 135 bps
|
| Rating: | Moody's: Aa2
|
|
|
| Class B-2 notes
|
| Amount: | €9 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 1.7%
|
| Rating: | Moody's: Aa2
|
|
|
| Class C notes
|
| Amount: | €17.9 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 210 bps
|
| Rating: | Moody's: A2
|
|
|
| Class D notes
|
| Amount: | €18.9 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 300 bps
|
| Rating: | Moody's: Baa3
|
|
|
| Class E notes
|
| Amount: | €16.9 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 552 bps
|
| Rating: | Moody's: Ba3
|
|
|
| Class F notes
|
| Amount: | €8.3 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 790 bps
|
| Rating: | Moody's: B3
|
|
|
| Subordinated notes
|
| Amount: | €29 million
|
| Securities: | Subordinated notes
|
|
|
| Senior preferred return notes
|
| Amount: | €500,000
|
| Securities: | Senior preferred return notes
|
|
|
| Subordinated preferred return notes
|
| Amount: | €1.95 million
|
| Securities: | Subordinated preferred return notes
|
|
|
| Performance notes
|
| Amount: | €1 million
|
| Securities: | Performance notes
|
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