Chicago, Jan. 5 – Neuberger Berman Europe Ltd. reset for €302.5 million the collateralized loan obligation issued by Neuberger Berman Loan Advisers Euro CLO 5 DAC, according to an offering document.
The notes will mature on Jan. 20, 2037.
The reset CLO consists of €183 million of class AR senior secured floating-rate notes at Euribor plus 174 basis points, €24.5 million of class B-1R senior secured floating-rate notes at Euribor plus 245 bps, €10 million of class B-2R 6.5% senior secured fixed-rate notes, €17.3 million of class CR senior secured deferrable floating-rate notes at Euribor plus 335 bps, €20.2 million of class DR senior secured deferrable floating-rate notes at Euribor plus 535 bps, €12 million of class ER senior secured deferrable floating-rate notes at Euribor plus 767 bps, €10.5 million of class FR senior secured deferrable floating-rate notes at Euribor plus 918 bps and €25 million of subordinated notes.
The original CLO consisted of €173 million of class A senior secured floating-rate notes at Euribor plus 209 bps, €38.5 million of class B senior secured floating-rate notes at Euribor plus 406 bps, €16.1 million of class C senior secured deferrable floating-rate notes at Euribor plus 463 bps, €20.3 million of class D senior secured deferrable floating-rate notes at Euribor plus 616 bps, €12.1 million of class E senior secured deferrable floating-rate notes at Euribor plus 854 bps, €10.1 million of class F senior secured deferrable floating-rate notes at Euribor plus 957 bps and €25 million of subordinated notes.
Neuberger Berman Europe Ltd. will manage the collateral through the end of the reinvestment period on July 20, 2028.
Collateral for the notes consists of senior obligations, mezzanine obligations and high-yield bonds.
The notes can be called starting Oct. 20, 2025.
Barclays was the placement agent.
The managing firm is based in London.
| Issuer: | Neuberger Berman Loan Advisers Euro CLO 5 DAC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | €302.5 million
|
| Maturity: | Jan. 20, 2037
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays
|
| Manager: | Neuberger Berman Europe Ltd.
|
| Call feature: | Oct. 20, 2025
|
| Pricing date: | Dec. 5
|
| Settlement date: | Dec. 6
|
|
|
| Class AR notes
|
| Amount: | €183 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 174 bps
|
| Price: | Par
|
| Rating: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class B-1R notes
|
| Amount: | €24.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 245 bps
|
| Price: | Par
|
| Rating: | S&P: AA
|
| Fitch: AA
|
|
|
| Class B-2R notes
|
| Amount: | €10 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 6.5%
|
| Price: | Par
|
| Rating: | S&P: AA
|
| Fitch: AA
|
|
|
| Class CR notes
|
| Amount: | €17.3 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 335 bps
|
| Price: | Par
|
| Rating: | S&P: A
|
| Fitch: A
|
|
|
| Class DR notes
|
| Amount: | €20.2 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 535 bps
|
| Price: | Par
|
| Rating: | S&P: BBB-
|
| Fitch: BBB-
|
|
|
| Class ER notes
|
| Amount: | €12 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 767 bps
|
| Price: | 96
|
| Rating: | S&P: BB-
|
| Fitch: BB-
|
|
|
| Class FR notes
|
| Amount: | €10.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 918 bps
|
| Price: | 90
|
| Rating: | S&P: B-
|
| Fitch: B-
|
|
|
| Subordinated notes
|
| Amount: | €25 million
|
| Securities: | Subordinated notes
|
|
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